On Friday, Moody's Investors Service said that India's economy could go towards contraction for the first time in four decades. It states that the lockdown has resulted in economic losses due to low consumption and sluggish business activity. The stimulus package was also announced by the government to revive the Indian economy before the outbreak of coronavirus and it was growing at its slowest pace in six years.
Moody's Investors Service said in a research note that we expect India's GDP to be in a phase of contraction for the financial year ending in March 2021 (the financial year 2020-21). However, the economy is expected to improve in FY 2021-22.
In addition, it said that increasing the lockdown to reduce the outbreak of corona in India is causing economic damage, which has now been extended to 31 May. It is notable that on 25 March, Prime Minister Narendra Modi announced a nationwide lockdown to control the spread of coronavirus. It has been extended three times, the fourth phase of which will end on 31 May.
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