More than 7000 people have died worldwide so far due to coronavirus. More than 1.9 million cases have been reported worldwide. In this way, coronavirus has begun to push the world towards recession. The impact is now being seen on the Indian market, where rating agencies are reducing the growth rate of India. In the market, investors are also in the recent past. The question is, is India's economy going towards recession? However, it is difficult to respond correctly, but today we are going to tell you how much damage the Economy of India has suffered from the corona so far. Let's take a look.
Moody's Lowers Rating
Rating agency Moody's Investors Service has lowered India's rating from 5.4 to 5.3 in view of the impact of global recession threat. Moody's lowered India's economic growth forecast to 5.3 percent for 2020. In fact, Moody's has reduced the rating because of the impact of the Coronavirus on the economy.
S and P lowers rating
There is also bad news for India from S and P Global Ratings. The agency estimates that India's economic growth will come down to 5.2% in 2020. The S and P also says that the world economy is going into recession due to the coronavirus epidemic. Earlier, the agency had given India's GDP growth a rating of 5.7% in 2020.
On Wednesday, also, the stock market continued to fall drastically. The Sensex declined 1814.56 points to 28,764.53 by 3.04 pm. The Nifty dropped 429.55 points to 8,538.50. In the recent past, the market has reached a three-year low.
Investors withdraw Rs 37.97 crore
Foreign Institutional Investors (FPII), feared by recession due to coronavirus, have so far withdrawn Rs 37,97 crore from the Indian market in the month of March. Investors have so far withdrawn Rs 24,776.36 crore from equity. Foreign investors have so far withdrawn Rs 13,199.54 crore from the debt market.
Huge losses in the tourism sector
Several monuments, including the Taj Mahal, have been closed due to coronavirus. The tourism industry has suffered a loss of more than Rs 6 crore on the first day in Agra alone. So far, there was a loss of 1.5 to 2 crore rupees every day, but now the monuments have been completely closed for 15 days. A considerable loss is being seen here.
Image credit: economictimes