Fitch Projects India's Economy To Contract By 10.5%

Fitch Ratings has projected India's economy to contract by 10.5% for the fiscal year ending in March 2021. The agency had earlier projected India's economy to contract by 5%. A lengthy and stringent lockdown which saw visits to retail and recreation venues fall very sharply is one of the causes for the contraction. Fitch added that it predicts a majority of economies to rebound strongly in the third quarter of the fiscal year following the reopening of economies.