India's GDP to contract by 9.4% in FY21, says Fitch

India's GDP will contract by 9.4% in the current fiscal year, Fitch Ratings said in its latest Global Economic Outlook on Tuesday. The rating agency's latest forecast has been raised from an earlier projection of -10.5% GDP growth. Fitch also projected that the global economic recovery will strengthen from mid-2021 when vaccines against COVID-19 are rolled out and physical distancing norms can be relaxed.

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