crisil expects a doubling of the stimulus to rs 35 lakh crore with a focus on the industries segment in the second phase mumbai india inc is staring at a bleak and forgettable fiscal year fy21 which is likely to see a 10 per cent fall in revenues and at least 15 per cent erosion in profits due to the covid19 pandemic domestic ratings agency crisil said on thursday loan servicing can become difficult as a result of the troubles its research wing said estimating banks nonperforming assets npas to rise by up to 2 percentage points to 115 per cent and credit growth to slow down to 2 per cent advt at present the country is under a 40day lockdown till may 3 and there are indications of it being gradually withdrawn crisil estimated one month of the lockdown to shave off 3 percentage points from the gross domestic product gdp and warned that its base case of 18 per cent growth for fy21 may fall to zero if the lockdown continues its chief economist dharmakirti joshi said up to 4 per cent of the gdp will be lost permanently as a result of the crisis which will lead to scores getting unemployed he said the fiscal support worth rs 17 lakh crore announced till now is inadequate to fight the crisis crisil expects a doubling of the stimulus to rs 35 lakh crore with a focus on the industries segment in the second phase apart from the spending measures there can be others like loan guarantees also it said read alsocoronavirus lockdown india incs baby steps on long road to normalcyindia inc wants the sum of its parts to be china plus one joshi explained that countries having more fiscal space can afford to have longer lockdowns while those like india with limited room will have to gradually open up to support the economy and added that the containment measures should ease off by june advt however the agency seemed to suggest that india inc will be badly impacted due to the crisis this is unprecedented and the numbers that we are estimating are historic which you would like to forget sooner crisil researchs senior director prasad koparkar said koparkar said crisil did an analysis of 800 firms across sectors and came out with estimates for the fiscal 202021 it expects india incs revenue growth to fall 810 per cent in the base case of 18 per cent growth and slide further to 1215 per cent if the gdp is stagnant the more pronounced impact will be on profitability as it expects a 1518 per cent decline in operating profit margins in the base case which can go up to 30 per cent in the downside scenario as a result of this credit metrics are set to weaken during the fiscal crisil said pointing out that the level of the rs 16 lakh crore corporate debt that stands the risk of slipping into being stressed will go up