Fitch Ratings on Tuesday slashed India's GDP forecast drastically. The rating agency projected a massive 10.5% contraction of India's economy in the current financial year, revised from a 5% contraction Fitch had projected earlier. India's GDP shrank by a staggering 24% year-on-year in the June quarter amid the imposition of a stringent nationwide lockdown in the wake of coronavirus. It cautioned that the recovery has been sluggish and uneven. The rating agency, however, expects the GDP to rebound strongly in Q3FY21.