Indian economy to contract 11% in FY 2020-21: Domestic Rating Agency Icra
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Domestic rating agency Icra further revised down its GDP estimate for the country on Monday and now expects the Indian economy to contract by 11 per cent in FY21. The agency, which was earlier estimating a contraction of 9.5 per cent, said the revision has been done as the rate of new COVID-19 infections remains elevated. The RBI is yet to give its estimate on GDP and has been maintaining that it will be contracting.