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Economy

India's central bank predicts economy to shrink 9.5%

RBI offers first GDP estimate for fiscal year, while keeping policy rate on hold

A man and two children have their photograph taken in front of the Taj Mahal after authorities reopened the monument to visitors amid the coronavirus pandemic in Agra, India on Sept. 21.   © Reuters

NEW DELHI -- The Reserve Bank of India, the country's central bank, on Friday forecast that the Indian economy will contract 9.5% in the current fiscal year through March 2021 as the fallout from the coronavirus pandemic severely crimps business activity.

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