India forecasts 7.7% GDP contraction in 2020/21- govt statement Reuters via

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© Reuters. A labourer sleeps on sacks as traffic moves past him in a wholesale market in the old quarters of Delhi

NEW DELHI (Reuters) – The Indian government said on Thursday it expects the economy to contract 7.7% in the fiscal year ending in March, compared to 4.2% growth a year earlier.

Many private economists have upwardly revised their forecasts on India to a contraction in the range of 7-9.5% for the 2020/21 fiscal year, after the central bank revised its estimate to 7.5%.