Global Rating Agencies Paint Gloomy Outlook On India
The corona pandemic has proved to be a nail in the coffin for an already ailing Indian economy. After the dismal GDP growth figures came out, several global rating agencies have started revising their estimates. US' Goldman Sachs had earlier estimated India's economy to shrink by 11.1% in 2020, but now believes it'll contract by 14.8%. Fitch Ratings had earlier estimated a shrinkage of 5% but now it has increased the figure to 10.5%. Similarly, Japan's Nomura Agency has revised its earlier estimate of 6.1% contraction to 10.8%.