Severely hit by Coronavirus pandemic, India's economy to contract by 10.3% in 2020-21 this fiscal year, the International Monetary Fund (IMF) said. In its update to the World Economic Outlook (WEO), the IMF expects the Indian economy to rebound and grow by 8.8% in 2021-22, stronger than the 6% expansion predicted earlier. IMF is the latest to project a sharp contraction for Asia’s third-largest economy. The World Bank expects the economy to decline by 9.6%, while the RBI forecast GDP to plunge 9.5% in 2020-21, but estimates growth to be back in the fourth quarter. 'Revisions to the forecast are particularly large for India, where GDP contracted much more severely than expected in the second quarter, the IMF said.