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Fitch Ratings, CRISIL, SBI Research see India economy shrinking in FY21

CRISIL said it expected the current quarter's GDP to shrink 25 per cent year on year.

Topics
Fitch Ratings | Crisil | Lockdown

Puneet Wadhwa & Indivjal Dhasmana  |  New Delhi 



Quick fixes won't solve growth problem
The lockdown extension, higher economic costs, and an economic package that lacked muscle are the three key reasons why CRISIL has downgraded the GDP forecast.

Fitch ratings, CRISIL, and have drastically cut India’s economic growth forecast in the current fiscal year due to a prolonged . While both Fitch and projected the economy to contract 5 per cent, from their earlier estimates of the economic growth at 0.8 per cent and 1.8 per cent, respectively, slashed economic contraction to 6.8 per cent from earlier 4.7 per cent.

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First Published: Wed, May 27 2020. 00:42 IST

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