India’s GDP for FY21 to contract 5%: Crisil
- The research and rating agency CRISIL has revised its forecast downwards again and expects Indian economy to contract 5 percent in fiscal 2020-21. This was 1.8 percent in last prediction.
- This means India’s GDP growth for FY21 has been estimated to be -5%
- Extension in lockdown, higher economic costs and an economic package are the three basic reasons for the downward revision.
- It also said that the pre-Covid-19 gross domestic product (GDP) rate in India will not be possible for the next three fiscals.
Source: Business Standard
Points to Remember:
- What is the estimated GDP growth rate of India for 2020-21 as per CRISIL?