New Delhi, Sep 8: Fitch Ratings on Tuesday projected a massive 10.5 per cent contraction of India's economy in the current financial year. India recorded one of the sharpest gross domestic product (GDP) contractions in the world in April-June.

Also Read | Patrika Gate Inauguration by PM Narendra Modi in Jaipur Live Streaming: Watch Live Telecast of the Inauguration of the Iconic Gate on DD News at 11 AM.

India's GDP shrank by a staggering 24 per cent year-on-year amid the imposition of one of the most stringent global nationwide lockdown.

"GDP should rebound strongly in 3Q20 (October-December) amid a re-opening of the economy, but there are signs that the recovery has been sluggish and uneven," Fitch said.

Also Read | Earthquake in Maharashtra: Quake of Magnitude 3.8 Hits 103 Km West of Nashik.

"We have slashed our GDP forecast for this fiscal year to (-) 10.5 per cent, a huge revision of (-) 5pp compared to the June Global Economic Outlook (GEO)," it said. Fitch had earlier projected India's GDP to contract 5 per cent this fiscal.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)