India’s economy to contract by 3.2% in fiscal year 2020-21: World Bank

The World Bank expects India’s economy to contract 3.2% in the current fiscal year (2020-21), a sharp downgrade from its April projection of 1.5%-2.8% growth, citing stringent lockdown and spill overs from weaker global growth.
The global economy is on track to shrink by 5.2 % this year amid the COVID-19 pandemic, the deepest recession since the Second World War, the World Bank Group said in its latest Global Economic Prospects.