FICCI survey predicts India’s GDP to contract by 4.5% in FY21

Industry body FICCI has projected the Indian economy to contract by (-) 4.5 percent in 2020-21, as per its latest Economic Outlook Survey.
The minimum and maximum GDP growth estimate stood at (-) 6.4 percent and 1.5 percent, respectively, for FY21.
The downward revision is due to the halt in economic activities amid the Covid-19 pandemic and the lockdown.