India may post in 2020-21 a GDP growth of 2 per cent, the slowest since the economy was liberalised 30 years back, Fitch Ratings said on Friday, as it joined a chorus of international agencies that have made a similar cut in growth estimates in recent days on concerns about the fallout of COVID-19 outbreak.
Asian Development Bank (ADB) sees India’s economic growth slipping to 4 per cent in the current fiscal (April 2020 to March 2021), while S&P Global Ratings earlier this week further slashed its GDP growth forecast for the country to 3.5 per cent from a previous downgrade of 5.2 per cent.
India Ratings & Research too has revised its FY21 forecast to 3.6 per cent from 5.5 per cent earlier.
Moody’s Investors Service last week slashed its estimate of India’s GDP growth during 2020 calendar year to 2.5 per cent, from an earlier estimate of 5.3 per cent and said the coronavirus pandemic will cause unprecedented shock to the global economy.
These growth estimates compare to an estimated 5 per cent growth rate in 2019-20 fiscal that ended on March 31. Indian economy also grew by 5 per cent in the 2019 calendar year.
