Expecting FY21 GDP contraction to be less than 9.5%: PNB MD & CEO

Says the country is seeing rural economy coming back, is confident urban and metro economy will also grow

The contraction in gross domestic product (GDP) for the full fiscal year could be less than 9.5 per cent, Punjab National Bank (PNB) Managing Director and Chief Executive Officer S S Mallikarjun Rao said.

After a 23.9 per cent contraction in the first quarter, the Reserve Bank of India (RBI) projected real GDP to fall by 9.5 per cent for the full fiscal year, anticipating positive growth in the fourth quarter.  “We also believe that. On the contrary, my expectation is that it would be much better than the projection because we are seeing rural economy coming back and urban and