NEW DELHI: S&P Global Ratings on Monday cut its estimate for India's GDP growth for the fiscal starting 1 April to 3.5% from its earlier forecast of 5.2% as it expects the hit to output from the covid-19 outbreak for the Asia-Pacific region to be as large as the financial crisis in Asia during 1997-1998. “Amid unusually high uncertainty, we forecast Asia-Pacific growth to dive to 2.2% in 2020 with a U-shaped recovery taking hold only later this year—this would push activity 4 percentage points below trend," it said in a report published on Monday.
Moody’s Investors Service last week slashed India’s economic growth projection for 2020 to 2.5% from 5.3%, as the coronavirus pandemic is expected to cause an unprecedented shock to the global