World Bank slashes FY21 GDP estimate, likely to shrink 9.6%

India’s GDP is estimated to contract by 9.6 per cent in 2020-21, a sharp cut from the June forecast of 3.2 per cent contraction due to the impact of the national lockdown against the outbreak of the COVID-19 pandemic and the income shock experienced by households and small urban service firms, The World Bank said in its South Asia Economic Focus report released Thursday.

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