India's GDP likely to contract by 6.4% in FY21, says Care Ratings

Care Ratings on Thursday revised India's GDP growth forecast for the current financial year to (-) 6.4 per cent as economic activity continues to be under restriction due to the lockdown on account of the Covid-19 pandemic.

The rating agency, in May, had projected a decline in GDP growth of 1.5-1.6 per cent in FY21.

It said given that the nation is into a lockdown for July too with several restrictions on resumption of services in particular as well as movement of people, the cutoff date for normalcy will spread into the latter part of the third quarter and more likely to