Indian economy to contract by 4% in 2020-21

New Delhi, Achievers News, 19 june 2020: Hit hard by the COVID-19 pandemic, the Indian economy is expected to contract by 4% during the current financial year, the ADB said in a supplement to its Asian Development Outlook (ADO) on Thursday. Countries in ‘Developing Asia’ will ‘barely grow’ in 2020, the ADB forecast. International rating agencies like Moody’s Investors Service, Fitch Rating and S&P Global Ratings have all predicted a 4-5 per cent contraction in India’s economic growth rate during April 2020 to March 2021 fiscal. Crisil has said this would be the country’s fourth recession since Independence, first since liberalisation, and perhaps the worst to date.

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