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

Top Stories

US closely monitoring India-China border row; does not want it to escalate: Official

US closely monitoring India-China border row; does not want it to escalate: Official

He was speaking to reporters during a conference call on Fri...

Deadline for filing income tax returns extended till December 31

Deadline for filing income tax returns extended till December 31

Earlier, the deadline had been extended to November 30 owing...

3,068 dentists vie for 35 medical officers post in Punjab health department

3,068 dentists vie for 35 medical officers post in Punjab health department

1,957 could qualify the written test, scoring more than 33 p...

Maharashtra ex-CM Devendra Fadnavis tests Covid positive

Maharashtra ex-CM Devendra Fadnavis tests Covid positive

The BJP leader shared the information on his Twitter handle

Cities

View All