The Indian rating agency, CARE Ratings has projected the GDP of India to contract in the range 8 to 8.2% for 2020-21 (FY21). This is more than its earlier projection of -6.4%. The decline in GDP growth by around 8 per cent would also be associated with a decline in the gross fixed capital formation.
Important takeaways for all competitive exams:
- CARE Ratings Founded: 1993.
- CARE Ratings: Mumbai, Maharashtra.
- CARE Ratings Managing Director & Chief Executive Officer: Ajay Mahajan.