In the midst of the lockdown implemented during COVID-19 across the country, CRISIL has revised the growth outlook for India in FY 2021 to 1.8 per cent from the earlier estimated 3.5 per cent. Crisil has stated in its research report that fiscal support at the central and state levels can be increased to ensure relief access to vulnerable households, vulnerable firms, especially micro, small and medium enterprises (MSMEs).

It says that even after the lockdown ends on 3 May 2020, there is a possibility that further restrictions will continue in some parts of the economy. Apart from this, there is a possibility of global recession in some advanced countries.

For your information, let us tell you that S&P has reduced its global GDP growth rate forecast to -2.4 percent in 2020, whereas the earlier growth was 0.4 percent. CRIS Research said that India's forecast risks are going down, due to which the GDP growth rate can also be zero. All the same, the lockdown has already done a lot of damage to the economy. For example, automobile sales declined by 44 per cent year-on-year in March, while exports fell by 35 per cent, the worst performance so far.

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