Fitch Ratings

India’s GDP shrank by a staggering 24 per cent year-on-year amid the imposition of one of the most stringent global nationwide lockdown.

Fiscal metrics have deteriorated significantly, notwithstanding the government's expenditure restraint, due to the impact of the severe growth slowdown on revenue, the fiscal deficit and public-sector debt ratios.

Increased costs, weak demand and intense competition could also squeeze Indian automakers' profitability, although they appear to be taking a disciplined pricing approach so far.