India’s economy to struggle

The contraction hasn’t deterred Prime Minister Narendra Modi (pic) from reiterating his target of making India a US$5 trillion economy by 2025 from US$2.8 trillion

MUMBAI: India will be worst-affected among the world’s major economies even after the pandemic wanes, with output 12% below pre-virus levels through the middle of the decade, according to Oxford Economics.

Balance sheet stress that had been building before the coronavirus outbreak will probably worsen, Priyanka Kishore, head of economics for South Asia and South-East Asia, wrote in the report. She projects potential growth for India at 4.5% over the next five years, lower than 6.5% before the virus.