Goldman sachs upgrades India economic forecast

Foreign brokerage Goldman Sachs upgraded its India gross domestic product (GDP) forecast to a contraction of 10.3 per cent in FY21, as against its earlier estimate of negative 14.8 per cent growth. The United States – based firm said developments on the vaccine front – where two candidates have posted satisfactory progress – will be very helpful in the recovery. The Reserve Bank expects India’s GDP to contract by 9.5 per cent on real basis in the ongoing fiscal year.