Indian economy to contract 5 pc in FY21: S&P assumes COVID-19 peak by third quarter

S&P Global Ratings on Thursday said the Indian economy will shrink by 5 per cent in the current fiscal as it joined a chorus of international agencies that are forecasting a contraction in growth rate due to coronavirus lockdown halting economic activity. Stating that COVID-19 has not yet been contained in India, the rating agency in a statement said the government stimulus package is low relative to countries with similar economic impacts from the pandemic.

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