The saga of GDP estimate cuts continues in India with Nomura and Goldman Sachs cutting their growth projections for FY21. Nomura has lowered GDP forecast for India to (-5.2%). It has estimated (-0.5%) FY20. This revision reflects more extended lockdown and early evidence that the hit to growth during the April-June quarter is likely to be more severe than expected. Nomura also expects the fiscal deficit of the central government to widen to 7% of GDP in FY21. The expectation is also that the central bank (RBI) may cut rates by another 75 to 100 basis points before the end of 2020 to keep the liquidity machine running smoothly.