CRISIL slows contraction rate for India at -7.7% in FY21

Rating agency CRISIL has lowered the contraction rate of India’s GDP, and now expects the growth rate of Indian economy to contract 7.7% in the ongoing fiscal 2020-21, compared to the 9% forecast in September 2020, due to “faster-than-expected” recovery in the second quarter.
For the fiscal 2021-22 (FY22), CRISIL expects the growth to bounce back to 10%.