Indian economy to contract 10.5% in FY21 from -5% estimated earlier: Fitch
Fitch Ratings on Tuesday slashed India's FY21 growth projection to (-) 10.5 per cent, from (-) 5 per cent estimated earlier, saying the continued spread of the virus and imposition of sporadic shutdowns across the country has disrupted economic activity. In the first quarter of current fiscal India's gross domestic product (GDP) contracted by a massive 23.9 per cent. Fitch said India recorded one of the sharpest GDP contractions in the world in the April-June quarter, but noted that growth should rebound strongly in the July-September period…
