: Indian economy to contract 10.5% in 2020-’21, predicts Fitch Ratings #IndiaNEWS American credit rating agency Fitch Ratings on Tuesday sharply lowered its growth forecast for India, saying that the

Indian economy to contract 10.5% in 2020-’21, predicts Fitch Ratings #IndiaNEWS
American credit rating agency Fitch Ratings on Tuesday sharply lowered its growth forecast for India, saying that the country’s Gross Domestic Product for the financial year 2020-’21 is expected to contract by 10.5%, instead of its earlier estimate of a 5% contraction.The agency, however, forecast that India’s economy will grow by 11% in the financial year 2021-’22 and 6% in 2022-’23. The bleak growth forecast for India came over a week after government data showed that the country’s GDP growth rate contracted by 23.9% for the April to June quarter due to the escalating coronavirus crisis. “India recorded one of the sharpest GDP contractions in the world in 2Q20 (1Q of the 2020 fiscal year). GDP shrank a staggering 24% yoy [year-on-year] – almost double our expectation embedded in the June GEO [Global Economic Outlook] – amid the imposition of one of the most stringent global nationwide lockdowns,??? the agency said in its Global Economic Outlook – September 2020. “All demand components except government consumption fell massively in the quarter. Private consumption lost more than 27% qoq [quarter on quarter], investment slumped an eye-watering 43% qoq.???The agency added that it expected India’s GDP to rebound in the third quarter of the current financial year but warned that signs of uptick...Read more

Stock Market NEWS Best intraday tips Intraday Stocks below 100