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Rating agency Fitch said on Tuesday that India’s recovery from the coronavirus-induced economic contraction of the second quarter has been sluggish and uneven and faces multiple challenges in both the short and medium-term. 

Key quotes

Sporadic shutdowns across India depress sentiment, disrupt economic activity. 

Severe fall in activity has damaged household, corporate balance sheets amid limited fiscal support. 

India’s gross domestic product fell by 23.9% year-on-year in the second quarter, marking the first GDP contraction in more than 40 years.