India’s economy to contract by 9.6% this fiscal – World Bank

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.

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