New Delhi: Fitch Solutions estimates that India’s fuel demand will decline by 11.5 percent in 2020. As the country’s economic outlook worsens, Fitch Solutions has raised its estimate of a drop in fuel demand.
Economists at Fitch Solutions estimate that India’s real gross domestic product (GDP) will decline by 8.6 percent in 2020-21. It previously projected a 4.5 percent drop in the economy. A note issued by Fitch Solutions on Saturday said, “Fuel demand has been widely affected. There has been a big drop in demand for both industrial fuels along with the consumer. ”
Fitch Solutions previously projected a 9.4 percent drop in fuel demand in 2020. Fitch Solutions forecasts that the Indian economy will register five percent growth in 2021 and 2022. He said that at that time the epidemic would be under control and the economy would register growth as economic activity returned to normal.
India’s gross domestic product (GDP) declined by 23.9 percent in the first April-June quarter of the current financial year. The note said that the spread of Kovid-19 does not seem to stop. Cases of infection are increasing daily. Fitch Solutions said consumer spending has been affected due to high unemployment rates and declining incomes due to the corona virus.
