FY21 GDP to contract 5%; pre-virus level unlikely in next 3 fiscals: Crisil

Extension in lockdown, higher economic costs and an economic package that lacked muscle are the three key reasons why Crisil has downgraded the GDP forecast now

It will really be a long road to recovery and going back to the pre-Covid-19 gross domestic product (GDP) rate in India will not be possible for the next three fiscals, says the latest report by Crisil, which expects the Indian economy to contract 5 per cent in fiscal 2021.

With this, research and rating agency has revised its forecast downwards yet again after it slashed the rate of growth on April 28 to 1.8 per cent from its earlier forecast of 3.5 per cent growth.

Extension in lockdown, higher economic costs and an economic package that lacked muscle are