Update on India

On this last day of the FY20-21 in India, we think it is important not to lose sight of encouraging news which play a key role in keeping spirits and motivation high to tackle any challenges ahead!

In its World Economic Outlook, IMF revised India’s 2020 GDP to shrink by 8% which is one of the sharpest contractions among major emerging markets. With the pandemic weighing heavily on economic activity and microfinance institutions (MFIs), the contraction has been particularly severe in the first quarter.

Agents for Impact believe in MFI’s importance for sustainable development and in their resilience in times of crisis, especially the ones with a powerful social mission and impact. In 2021, India’s GDP is projected to rebound to 11.5% and there are positive signals that the Indian MFI sector has been able to support viable borrowers in weathering the storm and to accelerate its digital transformation, which is key for a post-COVID recovery and future-proof business models.

Despite the backdrop of economic conditions, we will continue to stand with our Indian partners in FY2021 & beyond!

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