The International Monetary Fund (IMF) on Tuesday sharply revised its projection of contraction in India’s gross domestic product (GDP) for 2020-21 – from 4.5 per cent earlier to 10.3 per cent – citing the rise in Covid-19 cases. The organisation, however, added that the country’s economy might rebound with an 8.8 per cent growth rate in 2021-22, higher than the 6 per cent it forecast earlier.
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First Published: Tue, October 13 2020. 18:50 IST