Fitch now expects India's GDP to contract 10.5 percent, earlier it estimated 5 percent contraction
Image Credit: shortpedia
Fitch has sharply lowered its forecast for India's gross domestic product (GDP) growth for the current fiscal 2020-21 and now expects the country's GDP to contract 10.5 per cent versus its earlier estimate of 5 percent contraction in this period. The downward revision in India's forecast for FY21 comes on the heels of a sharp contraction in Indian economy in the April-June 2020 period, when the GDP came in at a negative to 23.9 percent.