Ind-Ra revises India’s FY21 GDP contraction to 7.8 %

India Ratings and Research (Ind-Ra) has revised India’s GDP estimate for the current financial year 2020-21 (FY21) to -7.8 percent from -11.8 percent estimated earlier.
This lower contraction rate is mainly due to the easing of COVID-19 curbs and better-than-expected recovery in the second quarter.
Ind-Ra has also estimated the GDP to grow by 9.6% in 2021-22 (FY22).