Fitch revises India GDP forecast for FY21 to -10.5% from -5% earlier

The downward revision in India's forecast for FY21 comes on the heels of a sharp contraction in Indian economy in the April - June 2020 period, when the GDP came in at a negative to 23.9 per cent year

Fitch has sharply lowered its forecast for India’s gross domestic product (GDP) growth for the current fiscal 2020-21 (FY21) and now expects the country’s GDP to contract 10.5 per cent versus its earlier estimate of 5 per cent contraction in this period. This, at a time, when the rating agency has revised upwards, albeit modestly, its forecast for global GDP – from the earlier estimated fall of 4.6 per cent to 4.4 per cent now.

The downward revision in India's forecast for FY21 comes on the heels of a sharp contraction in Indian economy in the April – June 2020