The Indian economy is officially projected to contract by a record 7.7% in FY21 for the first time in 41 years with the services sector most hit by the coronavirus pandemic while agriculture remains the only silver lining, according to the data released by the National Statistical Office The Reserve Bank of India last month projected the Indian economy to contract 7.5% in FY21, shallower than 9.5% contraction it projected just two months ago, on the back of a host of lead indicators, suggesting sustained economic recovery. It expects the economy to post 0.1% growth in December quarter and 0.7% in March quarter to end FY21 with 7.5% contraction. The finance ministry also expects marginal positive growth in the economy beginning December quarter.

(Live mint)