Fitch tasks Indian economic system to contract 10.5% this fiscal

NEW DELHI: Fitch Scores on Tuesday projected an enormous 10.5 per cent contraction of India’s economic system within the present monetary yr.
India recorded one of many sharpest gross home product (GDP) contractions on the planet in April-June.
India’s GDP shrank by a staggering 24 per cent year-on-year amid the imposition of some of the stringent international nationwide lockdown.
“GDP ought to rebound strongly in 3Q20 (October-December) amid a re-opening of the economic system, however there are indicators that the restoration has been sluggish and uneven,” Fitch mentioned.
“We’ve slashed our GDP forecast for this fiscal yr to (-) 10.5 per cent, an enormous revision of (-) 5pp in comparison with the June International Financial Outlook (GEO),” it mentioned.
Fitch had earlier projected India’s GDP to contract 5 per cent this fiscal.

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