India covid-19 pandemic economy Coronavirus India

Market LIVE: Sensex gains 700 points at pre-open, Nifty up; banks stocks rise

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Rating agency, Standard and Poor’s (S&P) said India's economy will contract 5% in fiscal 2021 assuming that the ongoing coronavirus pandemic will peak by September quarter.

S&P’s Indian arm, Crisil on Monday made similar forecasts. “The covid-19 outbreak in India and two months of lockdown--longer in some areas--has led to a sudden stop in the economy.

That means growth will contract sharply this fiscal year. Economic activity will face ongoing disruption over the next year as the country

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