Indian economy shrinks 7.7% in fiscal 2020-21 amid pandemic

NEW DELHI (AP) — India estimates its economy contracted by 7.7% in the 2020-21 financial year, battered by the coronavirus pandemic. But a government economic survey says it will likely bounce back, growing 11% in the fiscal year that begins in April. India’s economy contracted 7.5% in the July-September quarter following a record slump of nearly 24% in the previous three months that pulled the country into a recession. India last suffered a recession in 1979-80 after an oil shock. The current downturn followed a strict two-month lockdown imposed across the country beginning in March to combat the pandemic. It triggered massive unemployment in small and medium-sized businesses and left farmers in distress.