Indian economy to contract by 3.2% this fiscal due to Covid-19: World Bank

India's economy will shrink by 3.2 per cent in the current fiscal, the World Bank said on Monday as it joined a chorus of international agencies that are forecasting a contraction in growth rate due to the coronavirus lockdown halting economic activity.

The Washington-based multilateral lender said that the Covid-19 pandemic and the multi-phased lockdown imposed to curb its spread has resulted in a devastating blow to the Indian economy.

In its latest edition of the Global Economic Prospect, the World Bank downgraded its projection of India by a massive negative nine per cent, news agency PTI reported.

However, the