Moody's slashes India's GDP growth rate to three-decade low of 2.5%

Moody’s Investors Service on Friday slashed its estimate of India's GDP growth rate to almost three-decade low of 2.5 per cent during 2020 calendar year from an earlier estimate of 5.3 per cent on account of the rising economic cost of the coronavirus pandemic.
 

Moody's said, at the 2020 estimated growth rate, a sharp fall in incomes in India is likely, further weighing on domestic demand and the pace of recovery in 2021.
 

"In India, credit flow into the economy already remains severely hampered because of severe liquidity constraints in the banking and non-banking financial sectors," it said.
 

If Moody's