Indian economy projected to contract 11.8percent year-on-year, fitch domestic arm says.

India's economy is projected to contract 11.8percent on the year in the current fiscal year beginning from April, before bouncing back in the next fiscal year, India Ratings and Research, a domestic arm of ratings agency Fitch, said on Tuesday.

"All indicators, be it mobility or consumption, are pointing towards a much weaker economic recovery," Sunil Kumar Sinha, its principal economist told an online conference.

The economy is projected to contract 11.9percent in the current quarter, followed by a contraction of 6.7percent in the December quarter and 5.4percent in the subsequent quarter, Sinha said, citing the adverse impact of coronavirus pandemic.

Earlier, India Ratings had projected the economy would contract 5.3percent in the current fiscal year, versus growth of 4.2percent in the previous year.

While a second wave of infections sweeps the globe, India has not yet managed to...