ICRA initiatives India’s GDP for FY21 to contact by 11%

Rating company ICRA has revised its forecast for the contraction in India’s FY21 GDP to 11 per cent from its earlier evaluation of 9.5 per cent. The purpose behind contraction is a rise in a rising variety of COVID-19 instances in India.

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Besides, the company revised its year-on-year (YoY) forecasts for Q3FY21 to (-) 5.4 per cent from (-) 2.3 per cent and Q4FY21 to (-)2.5 per cent from (+) 1.3 per cent.

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