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Crisil estimates Indian economy to contract by 9% in FY21

Sep 11, 2020 11:53 IST

The Indian economy will contract by 9% in FY21 as the coronavirus infections are yet to peak and the government is not providing adequate direct fiscal support, rating agency Crisil said in a report. In May, Crisil had estimated the economy to contract by 5%. The latest projection comes days after official data for the June quarter showed a contraction of 23.9% in the economy. The government needs to take more steps to address the current pain in the economy and it should stretch itself fiscally to support vulnerable households and small business that have been hit hard by the pandemic, the agency said.

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