Indian economy to bounce back with growth of 9.5% in next fiscal

• After a contraction in the current financial year, India’s economy is forecast to bounce back with a sharp growth rate of 9.5 per cent next year.
• According to Fitch Ratings, this will happen provided it avoids further deterioration in financial sector health.
• The coronavirus pandemic will lead to shrinking of the already slowing economy in 2020-21 that started in April.
•  Fitch Ratings forecast a 5 per cent contraction in the GDP in the ongoing financial year, news agency PTI reported.
• The pandemic has drastically weakened India’s growth outlook and laid bare the challenges caused by a high public-debt burden.