Icra estimated that India's GDP might contract by as much as 20% in the June quarter and is expected to overcome some lost ground in the remainder of the year but still close 2020-21 down by up to 2% MUMBAI : After the government announced graded relaxations in the lockdown, domestic rating agency Icra on Monday estimated that the country's GDP might contract by as much as 20% in the June quarter and is expected to overcome some lost ground in the remainder of the year but still close 2020-21 down by up to 2%.
The agency's earlier economic forecast was a range, according to which the GDP may either expand by 1% or contract by 1% in 2020-21.