The Indian economy is the worst-hit among major economies, American brokerage Goldman Sachs said. It sharply cut India's FY21 GDP forecast to contraction of 14.8%. It had earlier estimated that the economy would contract by 11.8%. The estimate comes days after official data said the economy contracted by 23.9% for the June quarter. It is now believed that the economy will contract 13.7% for the September quarter and 9.8% for the December quarter.