A bunch of forecasts released on Tuesday indicate the pandemic will create a greater havoc on the Indian economy than feared initially.

All the three numbers from Fitch Ratings, India Ratings and Research and American brokerage Goldman Sachs forecast contraction much deeper than their earlier projections for this financial year.

Fitch Ratings has forecast a 10.5 per cent contraction. Goldman Sachs has sharply cut its 2020-21 GDP (gross domestic forecast) forecast to a contraction of 14.8 per cent. India Ratings revised its forecast to 11.8 per cent contraction from 5.3 per cent.