The World Bank on Thursday projected a 9.2% contraction for the Indian economy

by samreen

The World Bank on Thursday projected a 9.2% contraction for the Indian economy, steeper than the 3.2% estimated in June, highlighting the impact of pandemic-induced lockdown and the income shock experienced by households and small urban service firms.

“However, there is substantial uncertainty related to the course and duration of the pandemic; the speed at which households and firm behavior will adjust to the lifting of lockdowns; and a possible new round of countercyclical fiscal policy,” the World Bank said in its latest South Asia Economic Focus report.

While the government has signaled it is prepared to support the economy, there is no clarity about the timing or the extent of the next round of stimulus.

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