After Fitch, Goldman Sachs and India Ratings forecast a 12-15% decline in India's GDP.

New delhi date. Wednesday 9 September 2020

After Fitch, two other rating agencies, Goldman Sachs and India Ratings, have raised concerns for India's policy-makers. Both the rating agencies estimate that the current financial year, 2020-21, could see a sharp decline in India's GDP by about 12 to 15 per cent.

Goldman Sachs forecasts that the Indian economy could shrink by 14.8 per cent in the current financial year 2020-21, according to investment bank Goldman Sachs. The earlier estimate was 11.8 per cent.

"Given the GDP figures for the June quarter, we are making a big change in India's GDP estimates," said an investigative book. We estimate that this calendar year could see a 11.1 per cent decline in GDP in 2020 and a 14.8 per cent decline in FY20-21.

India Ratings Forecast The Indigenous Rating Agency estimates that the economy will get back on track in FY 2021-22 and grow by as much as 9.9 per cent. According to the agency, China's GDP will grow this year and its economic growth rate could remain at 2.7 percent.