India’s industrial production shrank at a slower pace in July than in the previous month, suggesting a recovery in economic activity after restrictions meant to control the coronavirus pandemic were lifted. Industrial output had contracted by 15.7% in June, revised data released by the statistics ministry showed on Friday. Consumer durables output too shrank at a slower pace in July than in June, though it was still in the red zone with a 23.6% contraction, the data showed. Moody’s said India’s GDP would contract by 11.5% in FY21 from its earlier estimate made in July of a 4% contraction. Care Ratings also slashed its annual GDP forecast for FY21 to a contraction in the range of 8-8.2% from a 6.4% contraction.

Source: Mint September 12, 2020 01:52 UTC