India’s GDP may contract by 1.5% in FY21, says RBI survey

A survey released by the Reserve Bank has showed that Indian economy may contract by 1.5 percent in FY21 though the next fiscal is expected to be much better. "Real gross domestic product (GDP) is likely to contract by 1.5 per cent in 2020-21 but is expected to revert to growth terrain next year, when it is likely to grow by 7.2 per cent," said the Survey of Professional Forecasters (SPF) sponsored by the RBI.