India’s economy is projected to contract 7.7% in the current financial year ending March 31, after economic activity was hit by the pandemic, leading to job losses for millions of workers, particularly employed by small businesses.
India’s government forecast a robust economic recovery of 11% for fiscal 2021-22 in its annual economic statement presented to parliament on Friday, on the back of the roll out of a massive vaccination drive.
India’s economy is projected to contract 7.7% in the current financial year ending March 31, after economic activity was hit by the pandemic, leading to job losses for millions of workers, particularly employed by small businesses.
The survey, which comes just ahead of the union budget for the new fiscal year that Finance Minister Nirmala Sitharaman is set to present on Monday, also forecast a ”V-shaped” economic recovery.
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