NEW DELHI, Sept. 8 (Xinhua) -- Global credit rating agency Fitch has revised India's Gross Domestic Product (GDP) forecast for the Financial Year 2020-2021 to -10.5 percent, from its earlier estimate of -5 percent.

File photo: CGTN

The Fitch-revised forecast came a few days after India's National Statistical Organisation (NSO) data showed India's GDP shrinking by a massive 23.9 percent in the first quarter of the financial year 2020-2021.

The country's GDP shrinkage has been attributed to the stringent lockdown, with effect from March 25, imposed to check the COVID-19 pandemic spread.