Home SMARTPHONE India forecasts 7.7% GDP contraction in 2020/21

India forecasts 7.7% GDP contraction in 2020/21

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India forecasts 7.7% GDP contraction in 2020/21

FILE PHOTO: A labourer sleeps on sacks as traffic moves past him in a wholesale market in the old quarters of Delhi, India, January 7, 2020. REUTERS/Anushree Fadnavis

NEW DELHI (Reuters) – The Indian government said on Thursday it expects the economy to contract 7.7% in the fiscal year ending in March, compared to 4.2% growth a year earlier.

Many private economists have upwardly revised their forecasts on India to a contraction in the range of 7-9.5% for the 2020/21 fiscal year, after the central bank revised its estimate to 7.5%.

Reporting by Manoj Kumar and Aftab Ahmed; editing by John Stonestreet

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