Fitch Ratings Sees A 5% Contraction In India's GDP For 2020-21
Fitch Ratings has forecast a 5 per cent contraction for the Indian economy in the current fiscal, on account of slump in economic activities and very stringent lockdown policy. This is substantially lower than 0.8 per cent growth for 2020-21 fiscal projected in April.
According to a PTI report Fitch said it has made further cuts to world GDP forecasts in its latest Global Economic Outlook (GEO) for May, but the slump in global economic activity is close to reaching its trough.
"India has had a very stringent lockdown policy that has lasted a lot longer than initially expected and incoming economic activity data have been spectacularly weak," Fitch said.