Coronavirus India economy crisis Coronavirus India

Indian economy to suffer lasting damage from the coronavirus crisis: Fitch

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London: The Indian economy will suffer a lasting damage from coronavirus crisis and after an initial strong rebound in fiscal year ending March 2022, the growth will slow to around 6.5 per cent a year over FY23 to FY26, according to Fitch Ratings.A combination of supply-side scarring and demand-side constraints -- like the weak state of financial sector -- will keep the level of GDP well below its pre-pandemic path, it said.India's coronavirus-induced recession has been among the most severe in the world amid a stringent lockdown and limited direct fiscal support.The economy is now in a recovery phase that will be further supported by the rollout of vaccines in the next months and GDP is expected to expand by 11 per cent in FY22 after.

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