S&P expects India's economy to contract 9% in FY21

S&P Global Ratings said on Monday that it was expecting India's economy to shrink by 9% in the fiscal year ending March 31, 2021, larger than its previous estimate of a 5% contraction as India reels under Covid-19. The rating firm joins a host of major banks and rating agencies, which have made deep cuts to their forecasts on India's economy following a 23.9% contraction.

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