FICCI survey predicts India’s GDP to contract by 4.5% in FY21

FICCI survey predicts India’s GDP to contract by 4.5% in FY21

• Industry body FICCI has projected the Indian economy to contract by (-) 4.5 percent in 2020-21, as per its latest Economic Outlook Survey released on 12 July 2020.
• The minimum and maximum GDP growth estimate stood at (-) 6.4 percent and 1.5 percent, respectively, for FY21.
• The downward revision is due to the halt in economic activities amid the Covid-19 pandemic and the lockdown.

Points to Remember:

1. What is the estimated growth rate of Indian economy for 2020-21 as per FICCI’s Economic Outlook Survey?

Source: Business Standard