Lockdown may lead to global recession, India's growth rate may fall to 30-year low

New Delhi: Global rating agency Fitch Ratings on Friday lowered India's growth forecast for 2020-21 to 2 per cent. This will be the lowest level of 30 years. The rating agency said in a statement that the lockdown caused by the coronavirus epidemic has hit the global economic recession.

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The report predicted that a global recession could occur this year. India is also vulnerable. Given this, India's growth projections for 2020-21 have been worked out to 2 per cent. Fitch's report states that micro, small and medium-sized enterprises and service sectors have been the most affected by the decline in customer demand. Earlier, Fitch had lowered India's growth forecast for 2020-21 to 5.1 per cent in March 2020, while in December 2019, Fitch had projected a growth rate of 5.6 per cent in this financial year.

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Professor NR Bhanumurthy of National Institute of Public Finance and Policy said that the current lock-down will worsen the situation of the Indian economy. The Indian economy can achieve the lowest growth since economic reforms.

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