New Delhi: The National Council of Applied Economic Research (NCAER) has revised upwards its GDP projection for FY21 to 7.3% contraction from 12.6% dip estimated in September with the expectation that the economy will register marginal growth in December quarter.“Following the steep decline in GDP in 2020 Q1, the recovery in Q2 was surprisingly sharp.
Accordingly, we have revised our growth forecasts for Q3, Q4 and the full year 2020–21 to 0.1%, 2% and (–) 7.3% respectively," the Delhi-based economic think tank said in its mid-year review of the Indian economy.Economic affairs secretary Tarun Bajaj on Friday said he expects the Indian economy to be back on track soon with signs of sustained improvement and in FY22 the size of the economy.