India's GDP growth could fall to 1.6% this fiscal, says Goldman Sachs

Goldman Sachs has forecast that India's Gross Domestic Product (GDP) growth could fall to 1.6% in 2020-21 compared to its previous estimate of 3.3%. The COVID-19 pandemic has brought "an unprecedented sudden stop" to activity in India, Goldman said in a report. Consumption, which contributes 60% to the GDP, will be hit badly because of the lockdown, it added.