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Fitch cuts India's FY21 GDP growth projection to -10.5%

Name: Fitch cuts India's FY21 GDP growth projection to -10.5%
Uploaded: 2020-09-08T16:29:58.000+05:30
Duration: T00M37S
Channel: Editorji News Desk
Description: 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 p...

Updated: Sep 08, 2020 10:59

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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.

24%Fitch Ratings

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Fitch cuts India's FY21 GDP growth projection to -10.5%

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Fitch cuts India's FY21 GDP growth projection to -10.5%

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