GDP contraction likely to have contracted to 9.5% in Q2FY21: ICRA
by Nidhi Bhati
Led by a recovery in construction and manufacturing activities, India’s GDP is estimated to have contracted to 9.5 per cent in the September 2020 quarter from 23.9 percent in June 2020 quarter, rating agency ICRA stated in a report. ICRA expects the contraction in manufacturing GVA to narrow considerably to around 10 per cent in second quarter of current fiscal from 39.3 per cent in the first quarter of 2020-21. It expects the contraction in construction GVA to narrow down to around 12 per cent in second quarter of current fiscal from the sharp 50.3 per cent in the previous quarter.