India’s September quarter GDP estimate, at -7.5% after -23.9% in the June quarter, positively surprised analysts. The Reserve Bank of India last month projected the Indian economy to shrink 7.5% in FY21, shallower than the 9.5% contraction it projected just two months ago, on the back of a host of lead indicators. India is still 9% below its pre-pandemic projection level, cumulating for FY21 and FY22, even after the projected faster bounce back in FY22, Gopinath said. IMF has projected the world economy to recover a little faster and grow at 5.5% in 2021 after contracting 3.5% in 2020. Exceptional uncertainty surrounds its baseline projection, IMF said.

Source: Hindustan Times January 27, 2021 00:07 UTC