The Confederation of Indian Industries (CII) on Thursday said it expects India’s economy to grow at a much slower pace, ranging from a contraction of 0.9% to a growth of 1.5%, in the current financial year, due to the COVID-19 outbreak and the subsequent nationwide lockdown.
“Given the extent of the damage to the economy from the disruption to business, the GDP growth in FY21 will likely be the lowest in many decades,” Chandrajit Banerjee, Director General at CII said.
– Yuthika Bhargava