Industry chamber FICCI has projected a contraction of 4.5 percent in India's annual GDP growth in the current financial year 2020-21. FICCI's Economic Outlook survey states that due to the rapid spread of coronavirus in the world, it is making a huge change in its earlier estimate. The industry board had projected a GDP growth of 5.5 percent in its survey for the month of January 2020. Economic activity has been severely affected due to Coronavirus as the lockdown was implemented in India to prevent the spread of covid-19. However, the guidelines related to lockdown are gradually being relaxed.

In the SBI Banking and Economic Conclave, RBI Governor Shaktikanta Das said on Saturday that the country's economy is expected to be back on track due to the gradual relaxation in the maps. But, according to Das, it is still not clear how long the supply chain will be able to completely come back to the previous situation and how much time it will take for the demand related things to become normal.

It may be noted that in May the Reserve Bank stated that the pace of GDP growth in the current financial year 2020-21 is expected to be in the negative digits. Releasing the details of the survey, FICCI stated that this economic survey was conducted in June and in this survey the thinking of various leading economists from industry, banking and financial services sector has been given the same, FICCI has said, "FICCI A recent Economic Outlook survey has projected an annual average GDP growth of (-) 4.5 percent in the current fiscal year 2020-21. "

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