India's economy is set to shrink sharply in the current financial year as measures to control the coronavirus pandemic weighed on spending and investment, the Ministry of Finance said Thursday.
According to the first advance estimates, the economy will shrink 7.7 percent in the financial year ending March 2021. This was bigger than the 7.5 percent decrease estimated by the Reserve Bank of India.
Early this week, the World Bank had projected India's gross domestic product to fall more sharply by 9.6 percent in FY 2020-21 due to weak household spending and private investment.
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