Categories: Business

Fitch Ratings forecasts 5% decline in Indian economy during current year 2020-21


Indian economy to contract 5 percent in FY21, says Fitch Ratings

new Delhi. rating agencies Fitch estimates that the Indian economy will decline by 5 percent in the current financial year 2020-21. Fitch has said that a slowdown in economic activity due to a very stringent nationwide lockdown will lead to a decline in the economy. Fitch has also said that this lockdown has lasted much longer than expected.

In its Global Economic Outlook for May, Fitch forecasts that the growth rate of the economy will reach 9.5 percent in 2021-22. The 5 percent contraction forecast a sharp decline from the 0.8 percent increase projected by the global rating agency at the end of April.

The agency said the acceleration of Corona virus infection from mid-April and the lockdown imposed to prevent it have adversely affected the growth of the economy.

This post was published on May 27, 2020 12:47 am

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