ICRA expects Indian economy to contract 7% in FY21; rebound 10.5% in FY22
- India’s rating agency, ICRA has projected the Indian economy to contract 7 percent in current fiscal (FY21).
- For the next fiscal, i.e. FY22 (2021-22), ICRA expects a considerable rebound in India’s economic growth to 10.5 percent due to higher central government spending, and a pick-up in consumption.