Sharper contraction of India's GDP expected in FY21 By IANS | Published on Wed, Feb 10 2021 20:42 IST | 0 Views India's FY21 GDP now expected to contract by 7.8%: Ind-Ra. Image Source: IANS News New Delhi, Feb 10 : The Indian economy is likely to witness a sharper contraction in the current fiscal as the Global Economic Conditions Survey shows that it is likely to contract by around 10 per cent, higher than the official estimates. Official estimates project a contraction of around 7 per cent in FY21. The survey, conducted by the Association of Chartered Certified Accountants and the Institute of Management Accountants, noted that South Asia has been hit hard by the pandemic as economies reliant on services and tourism are prevalent in the region.