Indian GDP may witness worst ever decline in FY 21

Indian GDP that has been witnessing continuous decline due to the pandemic is likely to contract further if suitable measures are not taken. According to an estimate by investment bank Goldman Sachs, India's GDP is likely to shrink 14.8% this fiscal as compared to the earlier estimate of 11.8% contraction. Similarly, Fitch projected a contraction of 10.5% in 2021Fiscal Year, which was more than double the earlier projection of 5%.