The Indian economy contracted by 7.3 per cent in 2020-21 against 4 per cent expansion in 2019-20, showing the impact of the raging coronavirus pandemic. I its second revised estimates, it projected a contraction of 8 per cent for 2020-21. The economy shrunk by 23.9 per cent in April-June, which improved to 7.5 per cent contraction in July-September. Also read | Central bank may keep policy rate unchangedThe Central Statistics Office (CSO), which releases the data, projected 8 per cent GDP contraction in FY21, implying a contraction of 1.1 per cent in March quarter. Meanwhile, the Reserve Bank of India (RBI) projected a 7.5 per cent contraction for FY21.

Source: Hindustan Times May 31, 2021 12:23 UTC