Current Affairs In Detail

CRISIL cuts GDP growth forecast to 3.5 percent
CRISIL cuts GDP growth forecast to 3.5 percent

It also reported that the slump in growth will be concentrated in the first half of the next fiscal, while the second half should see a mild recovery.

27 March 2020 Current Affairs:CRISIL has cut its base-case Gross Domestic Product (GDP) growth forecast for fiscal 2021 to 3.5% from 5.2% expected earlier.

Highlights:
♦ The global growth forecasts have reduced geometrically due to the COVID-19 pandemic spread geometrically.
♦ It highlighted that the world economy, unlike the Global Financial Crisis of 2008, has jeopardized financial stability and brought enormous human suffering.
♦ CRISIL has cut ifs early forecast of 5.2% GDP growth to 3.5% for fiscal 2021. But it has worsened notably.
♦ The pandemic in India poses a material risk to the India economic outlook.
♦ It also reported that the slump in growth will be concentrated in the first half of the next fiscal, while the second half should see a mild recovery.
♦ It highlighted that the inability to control the pandemic and extension of the lockdown will aggravate supply and demand shocks.

CRISIL:
Earlier known as: Credit Rating Information Services of India Limited
Founded on: 1987
Headquarters: Mumbai, Maharashtra
CFO Intern: Anurag Shukla
MD & CEO: Ashu Suyash