Current Affairs - National - Discussion

According to Fitch's Global Economic Outlook for May, India's Gross Domestic Product is anticipated to a 5% decline in the current financial year(ending March 2021) from its earlier forecast(late-April's GEO) of growth of 0.8% due to the pandemic. This is the biggest forecast cut to India. The growth contraction in the current fiscal is mainly due to a 8.3% and 9.7% contraction in consumer spending and fixed investment in FY21.