Indian economy contract by 10.3% in 2020 to bounce back with 8.8% growth in 2021

The Indian economy, severely hit by the coronavirus pandemic, is projected to contract by a massive 10.3 percent this year, the International Monetary Fund said.
India is likely to bounce back with an impressive 8.8 percent growth rate in 2021, thus regaining the position of the fastest growing emerging economy, surpassing China’s projected growth rate of 8.2 percent, the IMF said in its latest ‘World Economic Outlook’ report.