ICRA Says GDP May Contract by 11% This Fiscal, Predicts Pandemic Could Lead 3.7% Assets into Bad Loans List

The agency also expects GDP to contract by 11 per cent this fiscal from its earlier forecast of 9.5 per cent, as there is no let-up in the pandemic nor any glimmer on a vaccine to prevent it. These are the mains reason for halving of credit demand to 2-3 per cent from 6-7 per cent earlier, it said in a report.