NEW DELHI: India’s economy is projected to contract 11.8pc on the year inthe current fiscal year beginning from April, before bouncing back in thenext fiscal year, India Ratings and Research, a domestic arm of ratingsagency Fitch, said on Tuesday.
“All indicators, be it mobility or consumption, are pointing towards a muchweaker economic recovery,” Sunil Kumar Sinha, its principal economist toldan online conference.
The economy is projected to contract 11.9% in the current quarter, followedby a contraction of 6.7% in the December quarter and 5.4% in the subsequentquarter, Sinha said, citing the adverse impact of coronavirus pandemic.
Earlier, India Ratings had projected the economy would contract 5.3% in thecurrent fiscal year, versus growth of 4.2% in the previous year.
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While a second wave of infections sweeps the globe, India has not yetmanaged to flatten the first wave, he said.
