India’s economy seen slowing rapidly in March quarter, with worse to come GlobeBusiness
A deserted view of Yamuna Expressway that connects Delhi with Agra during a 21-day nationwide lockdown to slow the spreading of COVID-19 in Agra, India, on April 7, 2020.Gross domestic product data out later on Friday is expected to show India’s economy grew at its slowest pace in at least two years in the March quarter as the coronavirus pandemic weakened already declining consumer demand and private investment.
Prime Minister Narendra Modi has maintained the lockdown ordered on March 25 to curb the spread of COVID-19 in the world’s second most populous country, though many restrictions were eased for manufacturing, transport and other services from May 18.The full impact of the lockdown on manufacturing and services will become more apparent in the June quarter, with Goldman Sachs predicting a 45% contraction from a year ago.
“Economic activity will face ongoing disruption over the next year as the country transitions to a post-COVID-19 world,” the rating agency S&P said on Thursday, cutting its 2020/21 forecast to a 5% contraction. Number of coronavirus affected people in India has crossed 158,000 with 4,531 deaths, with an average daily jump of 6,000 cases in the last one week.
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