After 10.3 Per Cent Contraction In FY21, Indian Economy To Bounce Back With 8.8 Per Cent Growth In FY22: IMF

Revising its growth estimates for India, the International Monetary Fund (IMF) on Tuesday (13 October) observed that India will witness an economic contraction to the tune of 10.3 per cent in 2020-21, following which it shall see strong rebound of 8.8 per cent in 2021-22, reports Economic Times.

As per the IMF, India's projected growth of 8.8 per cent in 2021-22 will be the highest in the world.

It should be noted that days ago the Reserve Bank of India (RBI) had also shared its estimate of a 9.5 per cent contraction in the economy in the ongoing year. The World Bank has also projected a 9.6 per cent contraction for the ongoing year.

The IMF report said that all the emerging market and developing economies including India and Indonesia are expected to contract. Meanwhile, China's economy is expected to post a growth of 1.9 per cent in this 2020-21.