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India's GDP In FY 21 Might Fell By 10.5 Percent!
By: Tupaki Desk | 8 Sep 2020 2:50 PM GMT
Following the deadly outbreak of the novel Coronavirus, the Indian economy suffered severe losses. Several economists and experts cited the current loss as the worst-ever loss for India.
In the wake of this, the American credit rating agency Fitch Ratings opined that the gross domestic product (GDP) growth of India for the current fiscal 2020-21 (FY21) might see a dip of 10.5 percent.
Earlier, Fitch Ratings maintained that the GDP might fell by 5 percent and the same agency changed its decision and said during this period GDP is likely to get decreased by 10.5 percent.
Fitch attributed the rapid spread of the Coronavirus, which forced some states and union territories in the country to reinforce the restrictions and a less percentage of economic activity took place during this period and the activity couldn't help the economy much.
Mentioning the growth of the Purchasing Managers' Index (PMI balances, Fitch sounded a bit optimistic that if the same growth continues, during the third quarter of the financial year the growth might reach the pre-pandemic times.
In the wake of this, the American credit rating agency Fitch Ratings opined that the gross domestic product (GDP) growth of India for the current fiscal 2020-21 (FY21) might see a dip of 10.5 percent.
Earlier, Fitch Ratings maintained that the GDP might fell by 5 percent and the same agency changed its decision and said during this period GDP is likely to get decreased by 10.5 percent.
Fitch attributed the rapid spread of the Coronavirus, which forced some states and union territories in the country to reinforce the restrictions and a less percentage of economic activity took place during this period and the activity couldn't help the economy much.
Mentioning the growth of the Purchasing Managers' Index (PMI balances, Fitch sounded a bit optimistic that if the same growth continues, during the third quarter of the financial year the growth might reach the pre-pandemic times.
