India's GDP to contract in fiscal year 2021
India is not in a good shape for revising down since its June forecast of 3.2 drops and reflecting the impact of coronavirus led lockdowns world bank has projected India's GDP to plunge by 9.6% in the current financial year which is fy21. Indian economy contracted a record 23.9 in the June quarter the pandemic materialized in the backdrop of enduring fragility in the financial sector slowing overall growth and limited physical buffer underlining the extent of economic damage brought about by the pandemic and ensuing lockdown many forecasters they now expect the Indian economy to contract in double digits this year. growth is expected to rebound to 5.4% in fy22 which is next year. according to the world bank estimate which assumes COVID-related restrictions they are completely lifted but mostly reflecting base effect however the bank said potential output is expected to remain depressed in the medium term and inflation is expected to remain around RBI target range midpoint of four p...