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Goldman Sachs expects Indian economy to shrink by 10.3 per cent

Investment bank Goldman Sachs expects India's gross domestic product (GDP) to contract by 10.3 percent in the financial year 2020-21, expecting an uptick in the economy from its previous estimate in September of a 14.8 percent contraction. The American firm projected India’s GDP to rebound to 13 percent in the succeeding fiscal, FY22. According to a report from PTI, Goldman Sachs said that the developments on the vaccine front — where two candidates, Pfizer and Moderna, have posted satisfactory progress — will be very helpful in the recovery.

News source ~ Money Control