October 28th. On the 27th local time, Indian Finance Minister Nirmala Sitharaman (Nirmala Sitharaman) stated that India’s GDP growth this fiscal year (April 2020 to March 2021) may be negative , Or close to zero.
According to reports from India’s “Economic Times” and Russian News Agency, Sitharaman believes that India has signs of economic recovery. “This is mainly because the economy fell 23.9 in the first quarter of this fiscal year (April to June). % Huge contraction.” After raising concerns about economic trends, Sitharaman said that he hoped the national economy would recover in the next fiscal year.
Affected by the epidemic, the Indian economy has been hit hard this year. According to reports, before the “pandemic,” India’s GDP grew by 3.1% from January to March. Sitalaman believes that the economic slowdown is due to India’s strict blockade measures since March 25.
Earlier, various agencies around the world had predicted that India would experience a severe economic contraction this fiscal year. The World Bank believes that India’s GDP will shrink by 9.6% this fiscal year due to blockade measures and the impact of the “pandemic”. Goldman Sachs said that the Indian economy will shrink by 14.8%, while the Indian rating agency believes that the country’s GDP will shrink by 11.8%. (