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Indian economy set for a near double-digit contraction this fiscal: Poll

With over 7.6 million coronavirus infections, India is the second worst hit country in the world after the United States and the spread shows no signs of abating

manufacturing, Indian economy, Industries, GDP growth, IIP

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The poll marks the seventh consecutive downgrade to this year's outlook and if confirmed, would be the weakest annual economic performance since records began six decades ago.

Reuters Bengaluru

3 min read Last Updated : Oct 22 2020 | 12:03 PM IST

The Indian economy will suffer its deepest contraction on record this fiscal year and recent government stimulus does not go far enough to significantly boost activity depressed by the coronavirus pandemic, according to economists polled by Reuters.

With over 7.6 million coronavirus infections, India is the second worst hit country in the world after the United States and the spread shows no signs of abating.

While the government has removed most restrictions imposed on businesses to slow the spread of the virus, the Reserve Bank of India issued gloomy economic forecasts earlier this month but kept interest rates unchanged citing rising inflation.

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Topics : Coronavirus Indian Economy Economic slowdown US economy Narendra Modi

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