ECONOMY SET TO SHRINK IN FY21, SAYS MOODY’S

NEW DELHI: Moody’s Investors Service on Friday said India’s economy is expected to contract for the first time in more than four decades saying economic damage owing to the lockdown will be significant with lower consumption and sluggish business activity. Even before the outbreak, Indian economy was already growing at its slowest pace in six years and with the stimulus falling short of expectations, the disruptions are likely to be greater. “We now expect India’s growth to register a real GDP contraction for the fiscal year ending in March 2021, from our earlier projection of zero growth,” it said in a research note.