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Coronavirus: Moody's cuts India's 2020 GDP growth forecast to 2.5%

Moody's slashed its estimate of India's GDP growth for calendar year 2020 to 2.5% from an earlier estimate of 5.3%

twitter-logo PTI        Last Updated: March 27, 2020  | 10:25 IST
Coronavirus: Moody's cuts India's 2020 GDP growth forecast to 2.5%
Moody's cuts India 2020 growth forecast to 2.5%

Moody's Investors Service on Friday slashed its estimate of India's GDP growth for calendar year 2020 to 2.5 per cent from an earlier estimate of 5.3 per cent, citing rising economic cost of the coronavirus pandemic. That was sharply lower compared to the growth rate of 5 per cent in 2019.

Moody's said that at the 2020 estimated growth rate, a sharp fall in incomes in India is likely, further weighing on domestic demand and the pace of recovery in 2021.

Also read: Share Market LIVE: Sensex up 400 points, Nifty above 8,800; RBI cuts repo rate by 75 bps

Also read: Shaktikanta Das Press Conference Live: Repo rate cut by 75 basis points to mitigate coronavirus impact

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