MUMBAI : Extension of the nationwide lockdown till May 3 will inflict an economic loss of $234.4 billion, and result in stagnant GDP for calendar year 2020, a British brokerage said on Tuesday.
The economic growth will be zero for calendar year 2020 and when seen from a fiscal year perspective, will rise 0.8% in 2021, brokerage Barclays said in a note.
Hours earlier, Prime Minister Narendra Modi extended the three-week lockdown ending Tuesday till May 3, citing the need to arrest the growth in coronavirus infections.
He did hint at relaxations in unaffected areas starting from April 20, but added that this will be based on strict monitoring.
Read more on livemint.com