India’s GDP to contract by 11% in FY21 --- ICRA

Current Context: Investment Information and Credit Rating Agency (ICRA) has revised its forecast rating for the contraction of India’s GDP for FY 2021.

• As per domestic rating agency ICRA, India’s GDP to contract by 11% in FY 2020-21.
• Earlier ICRA has projected a contraction of 9.5% in FY 2020-21. But, now they have revised the contraction rating because of continuous impact of COVID-19 on the Indian economy. 
• ICRA has projected India’s GDP contraction of 12.4% in Q2FY21. 
• It has also revised its projection for its year-on-year (YOY) forecasts for Q3FY21 to (-)5.4% from (-)2.3% and for Q4FY21 to (-)2.5% from (+)1.3%. 
• Static Part: 
• HQ of ICRA: Gurugram, Haryana

Question: 

Q.1 As per domestic rating agency ICRA, India’s GDP to contract by ____% in FY 2020-21? 
a. 12.5%
b. 9%
c. 10%
d. 11%