IMF projects India’s GDP to contract 10.3% in 2020-21

In its latest ‘World Economic Outlook’ report, the International Monetary Fund (IMF) has projected the Indian economy to contract by 10.3 percent in 2020-21, from its earlier prediction of -4.5 percent due to rise in Covid cases.
However, IMF estimates the GDP of India to grow at 8.8 percent in 2021-22, as compared to 6 percent predicted earlier, regaining the position of the fastest growing emerging economy.
On the other hand, the Fund expects the world economy to contract by 4.4 percent in 2020. This projection was -5.2 percent earlier.