ICRA projects India’s GDP for FY21 to contact by 11%

Rating agency ICRA has revised its forecast for the contraction in India’s FY21 GDP to 11 per cent from its earlier assessment of 9.5 per cent. The reason behind contraction is an increase in a growing number of COVID-19 cases in India.

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Besides, the agency revised its year-on-year (YoY) forecasts for Q3FY21 to (-) 5.4 per cent from (-) 2.3 per cent and Q4FY21 to (-)2.5 per cent from (+) 1.3 per cent.

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