Indian economy to contract by 10.5% in 2020-21: Fitch
09 Sep '20
1 min read
Pic: Shutterstock
India's economy is projected to contract by 10.5 per cent this fiscal, according to Fitch Ratings, which recently said the gross domestic product (GDP) should rebound strongly in the third quarter (October-December) amid a re-opening of the economy, but there are signs that the recovery has been sluggish and uneven. Its earlier projection was a contraction of 5 per cent.
Last month, official data showed the country's GDP shrank by 23.9 per cent in the April-June period, in one of the sharpest contractions in the world.
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