Fitch had earlier projected the nation’s GDP to contract 5% this fiscal yr
New Delhi:
Fitch Rankings on Tuesday projected a contraction of 10.5 per cent for India’s economic system within the present monetary yr.
Final month, official knowledge confirmed that the nation’s gross home product (GDP) shrank 23.9 per cent within the April-June interval, in one of many sharpest contractions on the earth.
That was triggered by one of probably the most stringent nationwide lockdowns on the earth.
“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.
“Now we have 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 the nation’s GDP to contract 5 per cent this fiscal yr.
