This situation is the much worse case for India that has ever happened before. The World Bank on Wednesday said the Indian economy was about to contract by 9.6% in fiscal year 2020-21 due to COVID-19 pandemic. Hans Timmer, World Bank Chief economist added that it was “much worse” than the balance of payment crisis, which had marked a record low for India and the region. The lockdown had reflected in the quarterly growth of 25%, he added.
