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Icra warns of deep recession, GDP to contract 5% in FY21

India city Mumbai experts pandemic economy Government
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MUMBAI : Domestic rating agency Icra on Wednesday warned of a deep recession as it drastically lowered FY21 growth forecast for India to minus 5 per cent, citing the very modest fiscal support, extension of the nationwide lockdown and looming labour shortage.

The agency also sharply revised downwards the growth contraction in Q1 to 25 per cent as against the previous forecast of 16-20 per cent and to minus 2.1 per cent in Q2 from 2.1 per cent growth previously, which implies a recession.

Though the government has been claiming that its economic stimulus package is worth 10 per cent of GDP or ₹20.9 lakh crore, analysts have pegged it at just 0.8 - 1.2 per cent of the GDP.

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