Pegging the cost of the Covid-19 lockdown at $120 billion (approximately Rs 9 trillion) or 4 per cent of the GDP, analysts on Wednesday sharply cut their growth estimates and stressed on the need to announce an economic package.

The Reserve Bank of India (RBI), which is scheduled to announce its first bi-monthly policy review on April 3, is set to deliver a deep rate cuts and it should also be assumed that the fiscal deficit targets will be breached, analysts said. Prime Minister Narendra Modi announced a three-week complete lockdown of the country to prevent the spread of the ...