section_path: Impact by region or country/Asia-Pacific/India
section_name: India
paragraph_text: India
  
  The IMF predicted the growth rate of India in the financial year of 2020–21 as 1.9%, but in the following financial year, they predict it to be 7.4%. IMF also predicted that India and China are the only two major economies that will maintain positive growth rates. However the prediction later turned out to be wrong.
  
  On 24 June 2020, IMF revised India's growth rate to −4.5%, a historic low. However, IMF said India's economy is expected to bounce back in 2021 with a robust six percent growth rate.
  
  On 31 August 2020, the National Statistical Office (NSO) released the data, which revealed that the country's GDP contracted by 23.9 per cent in the first quarter of 2020–21 financial year. The economic contraction followed the severe lockdown to contain the COVID-19 pandemic, where an estimated 140 million jobs were lost. According to the Organization for Economic Co-operation and Development, it was the worst fall in history.