India forecasts 7.7pc GDP contraction in 2020-21

NEW DELHI: The Indian government said on Thursday it expects the economy to contract 7.7pc in the fiscal year ending in March, compared to 4.2pc growth a year earlier.

Many private economists have upwardly revised their forecasts on India to a contraction in the range of 7-9.5pc for the 2020/21 fiscal year, after the central bank revised its estimate to 7.5pc.