ICRA expects Indian economy to contract 7% in FY21

India’s rating agency, ICRA has projected the Indian economy to contract 7 percent in the current fiscal (FY21). For the next fiscal, i.e. FY22 (2021-22), ICRA expects a considerable rebound in India’s economic growth to 10.5 per cent due to higher central government spending, and a pick-up in consumption.

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Important takeaways for all competitive exams:

  • ICRA Headquarters: Gurgaon, Haryana.
  • ICRA Non-Executive Chairman and Director: Arun Duggal.

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