businessUpdated: Apr 16, 2020 14:15 ISTIndia’s economy may be heading for its first full-year contraction in more than four decades after Prime Minister Narendra Modi extended the world’s biggest lockdown to contain the coronavirus outbreak. now predict a decline in gross domestic product for the year to March 2021 of 0.4% and 0.1% respectively. “There will be indirect effects such as the persistence of the public fear factor even after the lockdown ends,” said Varma, head of Asia economics ex-Japan at Nomura. The index, which has a base of 100, plunged to 52 by March 29, a 47% fall in a single week, showing drastic impact on household sentiment. “Data suggests that the economic cost of the lockdown is huge.

Source: Hindustan Times April 16, 2020 08:32 UTC