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Topic: Fiscal year
Fitch had previously forecast growth of 8.7% in 2021-22. However, it has raised the economic growth projection for the next financial year to 10.3%, from previous forecast of 10%.
The advance corporate tax mop-up declined by 79% as well due to the three-month long lockdown imposed due to coronavirus.
While the World Bank downgraded its projection of India by a massive negative 9%, it also said the economy is expected to bounce back in 2021.
Data on the annual national income and GDP 2019-20 was released by the Ministry of Statistics and Programme Implementation. The per-capita income is a crude indicator of a country's prosperity.
Government's policy changes to tackle sour debt may spell growth for the next three fiscal years.
The bank said India's economy was on track to meet fiscal year 2018 projected growth of 7.3% and accelerate to 7.6% in 2019.