India's economy heads for double-digit decline as virus spikes

The plunge in GDP, as well as ongoing stress in the banking sector and among households, will curb India’s medium-term growth potential.
India’s economic recovery prospects have gone from bad to worse after the nation emerged as a new global hotspot for the coronavirus pandemic with more than 5 million infections.

The central bank will likely release its own growth forecast on Oct. 1 when the monetary policy committee announces its interest rate decision. In August, the RBI said private spending on discretionary items had taken a knock, especially on transport services, hospitality, recreation and cultural activities.

Source:https://economictimes.indiatimes.com/news/economy/indicators/indias-economy-heads-for-double-digit-decline-as-virus-spikes/articleshow/78179769.cms