Top Headlines: GDP shrinks by 7.3%, fiscal deficit drops below target

GDP shrinks by 7.3 percent in FY 2020-21, Carlyle Group to acquire a controlling stake of over 50 per cent in PNB Housing Finance. Top news this morning.

India's annual economic growth rate picked up in January-March compared with the previous three months, but then a second wave of Covid-19 infections hit the country. Our top headlines Tuesday morning explain what's for the economy next.

GDP grows by 1.6 per cent in Q4, shrinks by 7.3% in FY 21

India’s economy grew 1.6 per cent in the fourth quarter of FY 2020-21, indicating that recovery was well underway before the second wave of Covid-19 struck. In the full financial year 2020-21 the country's gross domestic product (GDP) contracted 7.3 per cent. In FY2019-20 it was 4 per cent.