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

Arrival of pets has been the exact disruption we needed

Arrival of pets has been the exact disruption we needed

Modi to Ganguly, how different is BCCI?

Modi to Ganguly, how different is BCCI?

Sins of the father & the aftermath

Sins of the father & the aftermath

Summer of 69, in Himalayas

Summer of 69, in Himalayas

Congress in need of overhaul

Congress in need of overhaul

Top Stories

Langar preparations under way to serve thousands of protesting farmers

Langar preparations under way to serve thousands of protesting farmers

Other special committees are serving food to thousands of un...

Delhi Chalo march LIVE: Farmers reach near Delhi borders; face water cannons, tear gas

Delhi Chalo march LIVE: Farmers reach near Delhi borders; face water cannons, tear gas

Bhartiya Kisan Union (Haryana) leader Gurnam Singh welcomed ...

Supreme Court questions FIR against Arnab Goswami

Supreme Court questions FIR against Arnab Goswami

A Bench headed by Justice DY Chandracuhd says prima facie th...

Kangana bungalow demolition smacks of malice, says Bombay High Court

Kangana bungalow demolition smacks of malice, says Bombay High Court

Ranaut had sought Rs 2 crore in damages from the BMC and urg...

Navy's MiG-29K fighter jet crashes into sea near Goa

Navy's MiG-29K fighter jet crashes into sea near Goa

Search is on for one of the two pilots who had ejected

Cities

View All