Economy India economy on verge of slow recovery as worst is over, says industry body Updated : October 25, 2020 11:59 AM IST The PHDCCI drew the conclusions based on its analysis of 25 high-frequency economic indicators which point out that there has been a pickup in business normalization. The unemployment rate still remains a worry as it worsened to 8.3 percent in August from 7.4 percent in July. PHDCCI expects India's GDP to contract by 7.9 percent in the current financial year and grow by 7.7 percent in 2021-22. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.