A survey by the RBI-sponsored Professional Forecasters (SPF) has said that real GDP will fall by 1.5 percent in 2020-21. However, in the next financial year it will return to the relief of growth and it will register a growth of 7.2 percent.
Economic slowdown due to lockdown and corona virus infection in the country is being anticipated. The Reserve Bank of India has warned for the first time that the country’s economy may slow down due to the current situation. At the same time, the bank has said that there is a possibility of a huge decline in India’s gross domestic product (GDP).
The RBI Consumer Confidence Survey states that in May 2020, consumers’ trust was completely broken. The current status index (CSI) has come down to its historical lows. Apart from this, the future prospects index of one year ahead has also fallen drastically and it has reached the area of pessimism. According to the RBI, due to the corona virus epidemic, consumer confidence has completely stumbled and due to this the economy may fall by 1.5 percent in the current financial year 2020-21. This has been estimated in a survey released on Thursday by the Reserve Bank of India.
However, in the next financial year it will return to the relief of growth and it will register a growth of 7.2 percent.