India's GDP is expected to shrink by 9.6% in the current fiscal year, which reflects the huge impact of the new crown epidemic on India's economy, the World Bank released the report on "South Asia economic focus" on July 7. Hans Timmer, the world bank's chief economist, said India's recession would be worse than expected.
The world bank's economic outlook for India is also consistent with the judgments of other institutions. According to a report released by the Asian Development Bank on September 15, India's economy shrank by 9% this fiscal year (2020-2021). This is the first contraction in India's economic growth in 40 years.
On September 14, standard & Poor's global rating predicted that India's growth would shrink by 9%; on September 8 and 11, Fitch and Moody's believed that India's economy would shrink by 10.5% or 11.5% this fiscal year. Separately, Goldman Sachs estimates that India's economy will shrink by 14.8% this fiscal year.