The International Monetary Fund (IMF) has said that the Indian economy, affected by the Covid-19, may see a contraction of up to 4.5 percent in the current financial year. The IMF said in the World Economic Scenario (WEO) estimates report that India's economy may have shrunk due to the long lockdown period and sluggish recovery compared to the projected rate in April.

The economy of the country can be narrowed in FY 2021, while it was expanded at the rate of 4.2 percent in FY 2020. In the context of the calendar year 2020, the economy may shrink negatively by 4.9 percent. The IMF, however, has projected the country's economic growth to be six percent for the financial year 2021-22. The IMF said in the WEO Estimates report, India's economy may contraction of up to 4.5 per cent due to long-term lockdown and sluggish recovery in April than expected.

The IMF said in another part of the report that India has announced a cash support program of 4.5 percent of GDP for traders and farmers through loans and guarantees and equity in financial institutions and power sector. In addition, the report projected a negative 4.9 percent contraction in the global growth rate during 2020, which is 1.9 percent less than the April 2020 estimate. According to the report, the Kovid-19 pandemic has had a greater impact on activity in the early 2020s, and the recovery is expected to be more sluggish than earlier estimates.

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