Corona Impact: UBS reduces India's GDP estimates by only 4 percent for the year 2020-21

New delhi date. Tuesday 24 March 2020

The corona could hurt the Indian economy. Now brokerage firm UBS India has reduced India's economic growth forecast for the financial year 2020-21. UBS said that India will receive only 4% growth rate in the meantime.

UBS had previously estimated India's real GDP growth to be 5.1%. In the past, rating agencies like S&P, Fitch and Moody's have also significantly reduced India's GDP growth forecast.

According to PTI, UBS Security said in a report that India's GDP growth is projected to be 4.8 percent in the current financial year 2019-20. In the coming financial year, India's real GDP growth rate may slow to 4%.

Previously, GDP growth for 2020-21 has been reduced from its previous estimate of 6.5 percent to 5.2 percent. Due to Corona, the Moody's Investors Service has reduced GDP growth estimates for the 2020 calendar year to 5.3 percent. Fitch Ratings lowered India's economic growth forecast to 5.1 percent for 2020-21 on Friday.