CII sees Covid-19 shrinking FY21 GDP by 0.9% in worst-case scenario

Industry body again raises calls for more fiscal stimulus through Rs 1.5 trillion fund and credit protection for MSMEs

India's gross domestic product may be in for an unprecedented contraction in FY21 as the ongoing coronavirus pandemic and the resultant lockdown continues to batter most of the domestic industry, the Confederation of Indian Industry (CII) has said.

In a report that suggests ways to pick up the pieces of India's manufacturing engine once the current crisis ends, CII on Thursday said GDP growth will remain between -0.9 per cent and 1.5 per cent in 2020-21. The numbers have been compiled by the research division of the chamber which counts more than 9100 companies in its list if members.

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