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Ind-Ra now expects third quarter to see contraction at 0.8 per cent and fourth quarter to print in 0.3 per cent growth as against the earlier expectation of positive numbers only in July-September 2021-22., , Ind-Ra
Citing the better-than-expected recovery in second quarter and the faster than anticipated easing of the pandemic headwinds, India Ratings on Thursday projected 7.8 per cent contraction for the economy for 2020-21 as compared to 11.8 per cent degrowth estimated earlier. But the agency was quick to question the sustainability of the recovery seen in September quarter when the Indian economy contracted only 7.5 per cent, after 23.9 contraction in April-June , saying ''a significant part of the impetus came from the festival and pent-up demand.'' Although the headwinds emanating from the pand...