: Saturday, January 9, 2021, 2:30 AM IST
It s too early to conclude that India is out of the woods on the growth front
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The governmentâs first advance estimate of growth for 2020-21 has pegged the Indian economy to shrink by 7.7 per cent. This will make the ongoing fiscal the first official recession in 40 years and only the third, since Independence. While the Finance Ministryâs estimate is in sync with the Reserve Bank of Indiaâs projection of a negative growth of 7.5 per cent, it is sharply less than the estimate by global institutions. The World Bank expects Indiaâs GDP to shrink by 9.6 per cent, while the IMF has pegged the shrinkage at 10.3 per cent and credit rating agency Moodyâs has estimated the fall at 10.6 per cent.