Rating agency Moody's on Tuesday reduced India's economic growth forecast to 5.3 percent on Tuesday. The agency has reduced this estimate of GDP growth due to the effects related to coronaviruses. On the other hand, Moody's had earlier said in February that India's actual growth rate in 2020 could be 5.4%. Earlier, the rating agency had expressed the possibility of increasing economic growth at a rate of 6.6 percent.

RBI's big decision to save economy from 'corona', will put extra one lakh crore in the system

The pace of economic growth of the country has been 5.3 percent in the calendar year 2019. In 2018 this figure was 7.4 percent. Moody's said that due to the rapid spread of coronavirus and spread over a large geographical area, the economy has suffered a lot. The agency said on Tuesday that there has been a tremendous reduction in domestic demand in the affected countries and this has disrupted the supply chain and movement of goods and services. With this, Moody's has predicted the country's economic growth to be 5.8 percent in 2021.

Yes Bank's investment gets double as stock rose

Moody's said, "Many governments and central banks have taken a number of steps to reduce the impact of Corona, including incentive packages, rate cuts and rebates on the regulatory front." However, the steps taken to prevent this infection will affect it. ”With this, Moody's said that during this time, the wider impact of oil prices can also be seen on the world economy. He has said, "The impact of low fuel prices will be seen on the economic and financial foundation of the oil-exporting countries."

75 crore penalty on Patanjali for selling expensive product even after GST reduced