World Bank has projected the Indian economy to contract by 9.6 per cent in the fiscal year 2020-21, in its
Global Economic Prospects report. World Bank estimates Growth to recover to 5.4 per cent in 2021. Apart from this, the global economy is estimated to expand by 4 per cent in 2021 by the World Bank. According to the report, global growth is projected to moderate to 3.8 per cent in 2022.
The GDP of India is expected to contract by 7.7 per cent in the current fiscal year 2020-21, as per the first advanced estimates released by the National Statistical Office (NSO), under the Ministry of Statistics and Programme Implementation (MOSPI) on January 07, 2021. The first advance estimates of GDP of a financial year are released before the Union Budget. This data helps in the budget-making process.
London-based financial services company IHS Markit has projected the Indian economy to rebound by 8.9 percent in the fiscal year 2021-22, beginning April 2021. This upward estimate is based on the backdrop of the significant improvement in domestic economic activity in the fourth quarter of 2020 by India.