S&P forecasts Indian economy to contract 5% in FY21

S&P Global Ratings has slashed India’s GDP growth rate to 5% in the Fiscal Year 2021. The reduction in the growth rates has been made due to slump in the economic activities in the whole country amid lockdown imposed to contain Covid-19 pandemic.

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S&P Global Ratings stated that two months of lockdown have led to a sudden stop in the economy which has led to contaraction in the GDP growth rates of the present fiscal year.

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