Already battered by Covid, local shutdowns have triggered a new round of GDP downgrades
While rating agencies ICRA and CARE Ratings have lowered their expectations further, others such as HDFC Bank and State Bank of India Research are in the process of revising their estimates. ICRA changed its 5% contraction estimate to 9.5% and CARE to 6.4% from 1.3% shrinkage earlier. Source link