India’s Economy to Contract 10.5% for FY2020-21 from -5%

Published on September 09, 2020
Current Context: Fitch Ratings has projected that India’s economy to contract 10.5% in FY 2020-21 from the contraction of 5% which was estimated earlier.
India’s Economy to Contract 10.5% for FY2020-21 from -5%
  • This projection by Fitch is with reference to the September update of Global Economic Outlook (GEO). 
  • As per the Fitch ratings, the Indian economy will grow by 11% in FY 2021-22 and by 6% in FY 2022-23. 
  • As per Fitch, in the Q1 of FY 2021, India’s GDP contracted by 23.9% while sharpest GDP contraction in the April-June 2020.
  • The Indian arm of Fitch Ratings, has revised India’s GDP growth forecast to (-) 11.8% from (-) 5.3% earlier.
  • Static Part: 
    • HQ of Fitch Ratings: New York, US

Question: 

Q.1 Fitch Ratings has projected that India’s economy to contract ____% in FY 2020-21?
a. 9.5%
b. 10.5%
c. 11.5%
d. 8.5%

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