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Fitch projects Indian economy to contract 10.5% this fiscal
| Sep 08, 2020, 02:17:42 PM | TOI.in
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Fitch Ratings on Tuesday projected a massive 10.5 per cent contraction of India's economy in the current financial year. India recorded one of the sharpest gross domestic product (GDP) contractions in the world in April-June. India's GDP shrank by a staggering 24 per cent year-on-year amid the imposition of one of the most stringent global nationwide lockdown. "GDP should rebound strongly in 3Q20 (October-December) amid a re-opening of the economy, but there are signs that the recovery has been sluggish and uneven," Fitch said.
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