New Delhi:
S&P Global Ratings on Wednesday lowered India's economic growth forecast to 5.2 per cent for 2020, saying the global economy is entering a recession amid the coronavirus pandemic.
The agency had earlier projected a growth rate of 5.7 per cent during the 2020 calendar.
Asia-Pacific economic growth in 2020 will be more than halve to less than 3 per cent as the "global economy enters a recession", S&P said in a statement.
An enormous first-quarter shock in China, shutdowns across the US and Europe, and local virus transmission guarantees a deep recession across Asia-Pacific, said Shaun Roache, chief Asia-Pacific economist at S&P Global Ratings.
"We lower our forecasts for China, India, and Japan for 2020 to 2.9 per cent, 5.2 per cent and -1.2 per cent (from 4.8 per cent, 5.7 per cent, and -0.4 per cent previously)," S&P said.
On Tuesday, Moody's Investors Service had lowered India's economic growth forecast for 2020 to 5.3 per cent (from 5.4 per cent), in the wake of the coronavirus impact on the economy.
The total number of Covid-19 cases in Maharashtra has increased to 42, with one more person testing positive in Pune on Wednesday. The patient had travel history to France and the Netherlands.
According to the health ministry, India's total number stands at 147. Globally, the number of cases has reached 198,229, and there have been over 7,965 reported deaths across 157 countries.
The Union health ministry on Monday activated a toll-free 24×7 national helpline number, 1075, to address queries related to the infection.