India

Massive Economic Slump Ahead; Fitch Projects 10.5% Contraction In India’s FY21 GDP Outlook

By
OB Bureau

Mumbai: American credit rating agency, Fitch Ratings, on Tuesday, revising India’s gross domestic product (GDP) outlook for 2020-21 projected a massive 10.5 per cent contraction of India’s economy.

India’s GDP had shrunk by a staggering 24 per cent year-on-year amid the stringent nationwide lockdown.

Earlier, the Fitch Ratings had estimated that India’s economy would shrink by 5 per cent during the current financial year.

“We have slashed our GDP forecast for this fiscal year to (-) 10.5 per cent, a huge revision of (-) 5pc compared to the June Global Economic Outlook (GEO),” it was quoted as saying by news agency PTI.

However, the Fitch Ratings said that there was a possibility for India’s GDP to rebound strongly in the third quarter (October-December) of FY 2020-21 with the reopening of the economy.

“GDP should rebound strongly in 3Q20 (October-December) amid re-opening of the economy, but there are signs that the recovery has been sluggish and uneven,” Fitch said, as reported by PTI.

The credit rating agency has also forecast the global GDP to contract 4.4 per cent in 2020, a slight upward revision from the earlier projection of -4.6 per cent.

OB Bureau

Recent Posts

OTET-2024 Result Declared In Odisha; Steps To Check On BSE Website

Bhubaneswar: The result of the Odisha Teacher's Eligibility Test (OTET)-2024 was announced on Friday. The…

November 22, 2024

Director Bobby Islam & Actor Manoj Mishra Scuffle Near Bhubaneswar DCP office

Bhubaneswar: An attempt for an amicable settlement of the dispute, involving Ollywood director Bobby Islam…

November 22, 2024

Low Pressure Over Bay Likely Tomorrow; Rain Forecast For Odisha, Night Temp To Rise Further

Bhubaneswar: Dense fog occurred at one or two places in Sundargarh and shallow to moderate…

November 22, 2024

Baba Siddique Murder Accused Used Mobile Hotspot To Evade Arrest, Here’s How

Mumbai: The Mumbai Police crime branch revealed that an accused in the Baba Siddiqui murder…

November 22, 2024

Kashika Misra Wins Golf Championship; Know About Her Odisha Roots

Bhubaneswar: Kashika Misra has created history by becoming the first Odia girl to win any…

November 22, 2024

Moscow Entitled To Strike Military Targets Of Countries That Allow Ukraine To Use Weapons…: Putin’s Warning To ‘West’

Moscow: President Vladimir Putin has warned the countries that allow Ukraine to use their weapons…

November 22, 2024

4 Held From Gujarat 5 Months After Duping Elderly Odisha Couple Of Rs 34L In ‘Digital Arrest’

Bhubaneswar: After a five-month-long investigation, Jharsuguda police in Odisha busted an inter-state cybercrime racket and…

November 22, 2024

Vedanta Expands Its ‘Swarna Prashan’ Drive In Odisha’s Rayagada & Kalahandi

Bhubaneswar: Vedanta Aluminium has expanded its ‘Swarna Prashan’ initiative, an Ayurveda-based immunisation drive, to over…

November 22, 2024