Indian economy expected to contract by 9 .6% in 2020-21: World Bank
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India's economy is estimated to contract by 9.6% in the fiscal year 2020-21, reflecting a sharp drop in household spending and private investment, and the growth is expected to recover to 5.4% in 2021, the World Bank said. In its Global Economic Prospects report, the World Bank said that the informal sector, which accounts for four-fifths of employment, has been subject to severe income losses during the COVID-19 pandemic.
