India's economy is likely to have expanded at its slowest pace in at least eight years in the January-March quarter, partly as a result of the coronavirus clampdown, a Reuters poll predicted.
BENGALURU - India’s economy is likely to have expanded at its slowest pace in at least eight years in the January-March quarter, partly as a result of the coronavirus clampdown, a Reuters poll predicted.
“Activity in January and February was strong, but the slowdown in March is likely to have largely offset those gains,” Aayushi Chaudhary, an economist at HSBC in Mumbai, said. While only six economists in the poll forecast a contraction during the first quarter, leading indicators for March already released have signalled a significant hit to GDP in January-March.
Policymakers have stepped up fiscal and monetary stimulus in response, but several economists said these would at best boost credit availability.
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