Coronavirus impact: IMF predicts India's economy to contract by 4.5% in FY21

Covid-19 battered India's economy is projected to contract by 4.5 per cent this fiscal, said the International Monetary Fund. In the World Economic Outlook (WEO) forecast report, the IMF said that India's economy is expected to contract on the back of a longer lockdown and a slower recovery than anticipated in April.Accordingly, the country's economy will contract in FY21 from an expansion of 4.2 per cent in FY20. In terms of calendar year 2020, the economy is expected to contract by (-)4 .9 per cent.