NEW DELHI, April 23 (Xinhua) -- Fitch Ratings on Thursday slashed India's economic growth projection to 0.8 percent in the financial year 2020-21 (April 2020-March 2021), saying an unparalleled global recession was underway due to COVID-19 disruptions.
Main reasons attributed for the slump in growth were a projected fall in consumer spending to just 0.3 percent in the financial year 2020-21, compared to last year's 5.5 percent, and a 3.5 percent contraction in fixed investment.
India has extended a nationwide lockdown till May 3, and major manufacturing activities have come to a grinding halt in the country.
In its latest "Global Economic Outlook," Fitch Ratings said India's gross domestic product growth will slip to 0.8 percent in the financial year 2020-21 as compared to an estimated 4.9 percent growth in the previous financial year.
India's growth is, however, expected to rebound to 6.7 percent in the financial year 2021-22, the report added. Enditem
