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Bloomberg
Just two weeks ago, the International Monetary Fund (IMF) upgraded India’s economic growth forecast to 12.5% — the quickest rate among major economies. Now, as Covid-19 cases surge the most globally, that bullish view is looking increasingly in doubt.
In Delhi, India’s political capital, the streets are mostly empty and the markets nearly deserted with almost all shops closed in response to curbs put in place by the local administration to fight the pandemic. The scene is not so different in Mumbai, the financial hub that accounts for 6% of the national output.
The Reserve Bank of India this month also retained its growth estimate of 10.5% for the current fiscal year.