Indian economy to shrink by 11% in FY21, says Icra

New Delhi: Domestic rating agency Icra further revised down its GDP estimate for the country on Monday and now expects the Indian economy to contract by 11% in FY21. The agency, which was earlier estimating a contraction of 9.5%, said the revision has been done as the rate of new Covid-19 infections remains elevated. The RBI is yet to give its estimate on the Gross Domestic Product (GDP) and has been maintaining that it will be contracting. The rating agency added that if the number for Q1FY21 gets revised down after data for the small businesses and less formal sectors becomes available, the overall GDP outcome for FY21 “could be even worse” than estimated by the 11% contraction. pti

Don't Miss

Top Stories

Demands non-negotiable, roll back 3 Central laws, farm unions warn PM

Demands non-negotiable, roll back 3 Central laws, farm unions warn PM

Say Amit Shah has called but no formal invitation for Decemb...

PM again defends farm laws, says Opposition misleading farmers

PM again defends farm laws, says Opposition misleading farmers

Slamming Oppn, he says misinformation is being spread on wha...

BJP ally RLP threatens to quit NDA over farm laws, writes to Amit Shah

BJP ally RLP threatens to quit NDA over farm laws, writes to Amit Shah

Hanuman Beniwal is the only MP of RLP party which has three ...

Celebrities come out in support of protesting farmers

Celebrities come out in support of protesting farmers

Celebrities are also condemning the use of force and water c...

Cities

View All