A Jammu Municipal Corporation health worker fumigates an area as a precautionary measure against the spread of coronavirus at Government Medical College hospital in JammuBrokerage Bank of America (BofA
) Securities and rating firm CRISIL
cut India’s growth forecast on Thursday, in light of the Covid-19 pandemic.
has sharply cut the June quarter growth forecast by 90 bps to a low of 3.1 per cent and the full-year FY21 GDP target by 100 bps to 4.1 per cent, CRISIL
said the pandemic will leave the economy crippled next fiscal year pulling down the growth to a low of 5.2 per cent. Crisil
had earlier forecast the GDP printing in a 5.7 per cent expansion.
The report from economists at BofA
comes just a day after they slashed their full-year FY21 forecast by 80 bps to 5.1 per cent.