Fitch Ratings on Thursday slashed India's economic growth projections to 0.8 per cent in the current 2020-21 fiscal saying an unparalleled global recession was underway due to disruptions caused by the outbreak of coronavirus pandemic and resultant lockdowns.
In its Global Economic Outlook, Fitch Ratings said India's gross domestic product (GDP) growth will slip to 0.8 per cent for the year April 2020 to March 2021 (FY21) as compared to an estimated 4.9 per cent growth in the previous fiscal.
Growth is, however, expected to rebound to 6.7 per cent in 2021-22.
The rating agency predicted two consecutive quarters of contraction or negative year-on-year growth in current fiscal -- (-)0.2 per cent in April-June and (-)0.1 per cent in July-September. This compares to 4.4 per cent estimated growth in January-March.
Growth is expected to rebound to 1.4 per cent in the last quarter of 2020 calendar year.