S&P Global Ratings on Monday cut its estimate for India’s GDP growth in the fiscal starting April 1 to 5.2 per cent from its earlier estimate of 6.5 per cent, as it saw the outbreak of coronavirus costing economies around the globe. It put “the total and permanent income loss for Asia-Pacific from COVID-19 at approximately USD 620 billion.” “This loss will be distributed across sovereign, bank, corporate and household balance sheets,” it said but did not give country-wise break up its estimated loss. S&P said it has revised estimates for real GDP, inflation and policy interest rates for Asia-Pacific nations. For India, it estimated a 5.2 per cent growth in 2020-21 (April 2020 to March 2021), down from the previous estimate of 6.5 per cent. In the following year, it projects a 6.9 per cent growth, down from 7 per cent earlier for 2021-22. For the current fiscal which ends on March 31, it put the real GDP estimate at 5 per cent. It estimated a 7 per cent growth in 2022-23 and 2023-24 fiscal years.