India’s Economy Seen Contracting 0.4% in Fiscal Year 2021, Survey Shows
- Possible lockdown extension adds to further downside risks
- Dearth of workers is a hurdle to restarting economic activity
May 11: India's Jobless Rate Jumped to 27.1%, Think Tank Says
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Economists are forecasting the Indian economy to shrink 0.4% in the year to March as a result of steps to contain the coronavirus pandemic, according to the latest survey by Bloomberg News.
The forecast has been slashed thrice since February and represents a sharp cut from the 1.7% expansion seen in April, according to the median of 19 economists surveyed between May 6 and 11. The economy had last contracted in 1980, when gross domestic product shrank 5.2%.