Rating agencies peg FY21 GDP estimates between -6.5 to -10%

Barclays has modestly revised its FY21 GDP forecast downwards to -6.4 per cent from -6 per cent earlier.

Motilal Oswal expects India's GDP to contract 6.9 per cent in the fiscal year 2021.

SBI Research, in its latest Ecowrap report, says GDP recovery has been better than expected and based on it, the FY21 GDP estimate has been revised to -7.4 per cent  from earlier -10.9 per cent.

The central bank now expects the GDP growth at -7.5 per cent in the year ending March 31, 2021, in an upward revision from its earlier forecast of -9.5 per cent.

India Ratings and Research (Ind-Ra) revised its expectation for India's FY21 gross domestic product (GDP) growth to negative 7.8 per cent from negative 11.8 per cent due to easing of COVID-19 headwinds and better-than-expected 2Q FY21 GDP numbers.

ICRA has pegged the contraction in the economy at 7.8 per cent for 2020-21. The ratings agency said rising raw material and wage costs in Q3 would partly counteract the positive impact of a modest rise in volumes in the industrial sector.

The World Bank has trebled its projection of contraction in India's gross domestic product (GDP) in 2020-21 from 3.2 per cent earlier to 9.6 per cent in the wake of lockdowns and a decline in household income.