India Inc. is staring at a bleak and forgettable fiscal year 2021, which is likely to see a 10 percent fall in revenues and at least 15 percent erosion in profits due to the COVID-19 pandemic, domestic ratings agency Crisil said today.

Crisil’s research wing said, loan servicing can become difficult as a result of the troubles, estimating banks’ non-performing assets to rise by up to 2 percentage points, to 11.5 percent, and credit growth to slow down to 2 percent.