Organisation for Economic Cooperation and Development or OECD expects the Indian economy to contract by 10.2% in FY21 as compared to a drop of 16.7% estimated in its June update. In next fiscal a sharp rebound of 10.7% is expected which is an increase of nearly 3% compared to the previous estimate. Rising inflationary pressures and concerns about financial stability in some economies, particularly India, limit central banks' room to cushion economic activity from the COVID-19 shock, says OECD.
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