In a fairly bearish outlook presented; Goldman Sachs projects that India will experience its deepest recession due to the economic impact of lockdowns. GDP is expected to contract by 45% in the second quarter on a sequential basis. Goldman sees a sharper rebound of 20% for the third quarter, while projections for the fourth quarter and first of next year are unchanged at 14% and 6.5%. If you were to annualize these numbers, then the GDP is expected to show negative growth of (-5%) in FY 2021. This is despite the $265 billion stimulus package announced by the Finance Minister over the last five days. Goldman is of the view that most of these announcements may be medium term accretive but the pressure in the short term would still continue.