India lost the tag of the fastest-growing major economy to China in 2019, when it grew 5.3 per cent, against China’s 6.1 per cent. The same holds true for 2020 and 2021. China is projected to grow 1 per cent in 2020 and 7.1 per cent in 2021.
Only China, India, and Indonesia are projected to witness economic growth in 2020 by Moody’s. It expects G20 advanced economies as a bloc to see a fall in its GDP by 4 per cent in 2020.
Japanese brokerage Nomura has predicted India’s economy to contract 0.5 per cent, while the Confederation of Indian Industry said the economy may contract by 0.9 per cent.
India Ratings & Research believed the contraction may be far steeper at 2.1 per cent if the lockdown
is extended beyond May 3.