ICRA on Thursday forecast India’s GDP would contract 7.8% in FY21.
Rising raw material and wage costs would partly counteract the positive impact of a modest rise in volumes in the industrial sector in the third quarter, resulting in a small 1.0% contraction, the rating agency said.
“The recovery under way in the Indian economy in Q3 FY2021 is fragile, and appears prone to risks related to rising costs, as well as a reappearance of supply-side disruptions in some States,” said Aditi Nayar, principal economist, ICRA.
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