Moody's Investors Service on Tuesday slashed India growth forecast for calendar year 2020 to 0.2 percent, from 2.5 percent projected in March. For 2021, Moody's expects India's growth to rebound to 6.2 percent.

In its report titled - Global Macro Outlook 2020-21 (April 2020 update), Moody's has lowered G-20 advanced economies as a group to contract by 5.8 percent in 2020.

Moody's said the economic costs of coronavirus crisis amid the near shutdown of the global economy are accumulating rapidly.