According to Fitch Ratings, India’s GDP is forecasted to -9.4% in the current fiscal year to March 2021 (FY21) from a previously projected contraction of 10.5% after the economy showed a sharper rebound in the second quarter (Q2).
“We now expect GDP to contract 9.4% in the fiscal year to end March 2021 (FY21) (+1.1 percentage point), followed by +11% growth (unchanged) and +6.3 per cent growth (+0.3pp) in the following years,” the rating agency said.
Fitch added, the Indian economy showed a sharper rebound in the July-September quarter from the coronavirus-induced recession. GDP fell 7.5% year-on-year, up from -23.9% in the April-June quarter.
Source : – Fitch raises India’s GDP forecast to -9.4% in FY21
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