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

Reading down UAPA may have pan-India ramifications: Supreme Court

Reading down UAPA may have pan-India ramifications: Supreme Court

Gives notice to 3 activists given bail by Delhi High Court

Delhi High Court takes cognisance of Covid norms’ violation in markets, says breach will hasten third wave

Delhi High Court takes cognisance of Covid norms’ violation in markets, says breach will hasten third wave

The court asks the Centre and Delhi govt to take strict meas...

SC refuses to cancel, postpone PG final-year medical exams

SC refuses to cancel, postpone PG final-year medical exams

A vacation bench of Justices Indira Banerjee and MR Shah say...

Milkha Singh’s health deteriorates

Milkha Singh’s health deteriorates

Was fine till Thursday evening; however, late in the night, ...

Modi launches crash course to skill, upskill over one lakh ‘Covid warriors’

Modi launches crash course to skill, upskill over one lakh ‘Covid warriors’

PM urges people to remain cautious, stressing that the virus...

Cities

View All