- Bofa estimates that Indian Economy may fall by 3% in the current financial year
- According to the brokerage firm, the economy is expected to fully open from August next month.
new Delhi. Corona virus pandemic ( Coronavirus Pandemic ) because of the current may damage the country’s economy (Indian Economy) in the financial year. According to estimates by foreign brokerage company Bofa Securities, the country’s economy is expected to fall by three per cent in the current financial year. According to Bofa Estimates, the economy will fully open from next month i.e. August. According to BofA RBI ( Reserve Bank Of India ) will monetize the fiscal deficit through the purchase of government bonds through open market operations to 95 billion dollars. Also, its $ 127 billion revaluation reserve fund can also be used to recapitalize public sector banks.
Declining All Estimates
Corona virus epidemic has led economists to make major cuts to the growth forecast of the Indian economy for the current fiscal year. According to the Reserve Bank and other institutions monitoring the economy, India’s GDP will decline in the current financial year. At the same time, some estimates also said that India’s GDP may fall by up to seven percent.
The fall may come down to five per cent
According to BofA, the Indian economy may see a decline of three per cent. The economy is expected to be fully open by mid-August. According to the brokerage company, if this crisis is prolonged, then the Indian economy may decline by five per cent. According to BofA’s Indian Economist Indranil Sen Gupta, his guess is more optimistic. This estimate of the effect of corona virus is different than others. He said that due to strict lockdowns in April and May, the annual GDP would be affected by three percentage points.