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Home Business GDP to contract 7.8% in FY21: ICRA

GDP to contract 7.8% in FY21: ICRA

ICRA on Thursday forecast India’s GDP would contract 7.8% in FY21.

Rising uncooked materials and wage prices would partly counteract the optimistic impression of a modest rise in volumes in the economic sector in the third quarter, ensuing in a small 1.0% contraction, the ranking company stated.

“The recovery under way in the Indian economy in Q3 FY2021 is fragile, and appears prone to risks related to rising costs, as well as a reappearance of supply-side disruptions in some States,” stated Aditi Nayar, principal economist, ICRA.

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