The Reserve Bank of India (RBI) has estimated that the second wave may result in a Rs 2-lakh-crore loss in output during the current fiscal, in what is the first such exercise conducted by the central bank or the government. A loss of economic output may not have a direct corelation with the GDP, but points to some loss in the value-addition across the economy. Already, several agencies, including the RBI, have lowered growth projections for the year. The Reserve Bank of India's output loss is factored into its revised GDP forecast in the latest monetary policy estimates, where it slashed growth projections from 10.5% to 9.5%.