Fitch Ratings on Tuesday projected an enormous 10.5 per cent contraction of India”s economic system within the present monetary 12 months. India recorded one of many sharpest gross home product (GDP) contractions on the earth in April-June.
India”s GDP shrank by a staggering 24 per cent year-on-year amid the imposition of one of the crucial stringent international nationwide lockdown.
“GDP should rebound strongly in 3Q20 (October-December) amid a re-opening of the economy, but there are signs that the recovery has been sluggish and uneven,” Fitch mentioned.
“We have slashed our GDP forecast for this fiscal year to (-) 10.5 per cent, a huge revision of (-) 5pp compared to the June Global Economic Outlook (GEO),” it mentioned.
Fitch had earlier projected India”s GDP to contract 5 per cent this fiscal.
Latest Business News
Fight towards Coronavirus: Full protection