India's Q1FY21 GDP might shrink by 25%: ICRA

New Delhi: India's Q1FY21 GDP is expected to contract by 25 per cent, ratings agency ICRA said on Tuesday.

ICRA pegged the contraction in Indian GDP and the gross value added (GVA) at basic prices in year-on-year (YoY) terms in Q1 FY2021 at around 25 per cent each.

"The economic performance was primarily weighed down by the considerable drag imposed by three key production sub-sectors, namely manufacturing, construction, and trade, hotels, transport, communication and services related to broadcasting," ICRA said.

"These sub-sectors, which together account for a sizeable 45 per cent of the economy, are assessed to have suffered heavily in volume and profitability terms during the lockdown quarter."