Experts Say India May Lose Rs 9 Lakh Crore in Covid-19 Lockdown, Urge Govt to Announce Economic Package
New Delhi, Mar 26: Pegging the cost of the COVID-19 lockdown at USD 120 billion (Rs 9 lakh crore) or 4 per cent of the GDP, analysts sharply cut their growth estimates and stressed on the need to announce an economic package.
The Reserve Bank of India (RBI), which is scheduled to announce its first bi-monthly policy review on April 3, is set to deliver a deep rate cut and it should also be assumed that the fiscal deficit targets will be breached, analysts said.
Prime Minister Narendra Modi announced a three-week complete lockdown of the country to prevent the spread of the coronavirus infections in the country. The equity markets were in the red early into the trade on Wednesday, down 0.47 per cent.