68% of 40,000 firms may cut pay, freeze hiring or lay off staff: Crisil MD

Even as some high-frequency data raises hopes of partial recovery, Ashu Suyash, MD & CEO, Crisil says with afflictions continuing to rise, economic activity will remain curbed. In an interview with Vishal Chhabria, she says the second quarter would also see on-year contraction before a mild recovery in the second half of this fiscal. Exceprts: There is much debate on the quantum of contraction in the Indian economy in fiscal 2021, with some estimates suggesting a decline of over 10 per cent. What is your assessment? We expect gross domestic product (GDP) to contract by at least 5 p.....

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