ICRA on Thursday forecast India’s GDP would contract 7.8% in FY21.
Rising uncooked materials and wage prices would partly counteract the optimistic affect of a modest rise in volumes within the industrial sector within the third quarter, leading to a small 1.0% contraction, the score company mentioned.
“The restoration beneath approach within the Indian financial system in Q3 FY2021 is fragile, and seems susceptible to dangers associated to rising prices, in addition to a reappearance of supply-side disruptions in some States,” mentioned Aditi Nayar, principal economist, ICRA.
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