RBI, ratings agencies revise FY21 GDP forecast upwards

The central bank expects the Indian economy to contract 7.5 per cent in FY21 compared to its earlier assessment of 9.5 per cent contraction.

Investment bank Goldman Sachs revised its GDP forecast to -10.3% from -14.8 % earlier.

Nomura has estimated an 8.2 per cent fall in the economy against a 10.8 per cent fall seen earlier.

ICRA has estimated a contraction between the range of 7 to 9 per cent, lower than the previous forecast of -11 per cent.

Rating agency Moody's Investors Service has revised the forecast for fiscal year 2021 upwards to -10.6% from -11.5% projected earlier.