India Ratings forecasts contraction of 11.8% in FY21 GDP

The Indian arm of Fitch Ratings, India Ratings and Research (Ind-Ra) has projected India’s FY21 GDP growth forecast at -11.8% as against its earlier prediction of -5.3%. The rating agency estimates the economic loss in FY21 to be Rs 18.44 lakh crore. The rating agency also expects India’s GDP to rebound and grow at 9.9% year-on-year in FY22 primarily due to the weak base of FY21.

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The Indian economy contracted by a record 23.9% in 1st (April-June) quarter of FY21, which is much higher than Ind-Ra’s forecast of 17.0% due to the impact of the COVID-19 pandemic (lockdown).

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