This projection is even grimmer than what the Reserve Bank of India (RBI) predicts. How long will the economy take to recover?
The International Monetary Fund (IMF) has projected India’s gross domestic product (GDP) to plunge by 10.3 percent in financial year 2020-21, revising its earlier estimate of a 4.5 percent degrowth.
This projection is even grimmer than what the Reserve Bank of India (RBI) predicts. RBI forecasts that there will be a contraction of 9.5% in the GDP for the current fiscal year.
However, India is expected to rebound in 2021 with 8.8 percent growth rate in the succeeding financial year, the IMF said.