Indian economy set to suffer deepest contraction on record – Reuters poll
The latest Reuters poll showed that the Indian economy is poised for almost a double-digit contraction this fiscal year, as the fiscal support does little to counter the economic damage induced by the coronavirus pandemic.
Key takeaways
“Nearly 90% of economists, 34 of 39, who responded to an additional question said the latest government stimulus was not enough to boost the economy significantly.”
“After shrinking a record 23.9% in the April-June quarter, the Indian economy was forecast to contract 10.4% and 5.0% in the third and fourth quarters, respectively and merely stabilize in the first three months of 2021.”
“For the current fiscal year ending March 31, Asia’s third-largest economy was predicted to shrink by 9.8%.”
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
