Ratings agency ICRA sharply revised its growth expectation for India to a 5% contraction in the current fiscal from 1%-2% growth earlier, according to a report. The report estimated sharper de-growth in the first and second quarters of FY21 at -25% and -2.1% respectively, down from a range of 16%-20% contraction in Q1 and 2.1% growth in Q2 before. With two consecutive quarters of contraction, it implied the economy was in recession.
Global CO2 emissions from fossil fuels are set to drop by up to 7% in 2020 because of the coronavirus pandemic, but even this dramatic decline would barely dent long term global warming, researchers reported. In early April, coronavirus lockdowns led to a 17% reduction worldwide in carbon pollution compared to the same period last year.