New Delhi, Jan 28 (TIWN) India's GDP is likely to contract by 8 per cent in the current financial year, according to the FICCI's Economic Outlook Survey.

"Agriculture sector has exhibited significant resilience in the face of the pandemic. Higher rabi acreage, good monsoons, higher reservoir levels and strong growth in tractor sales indicate continued buoyancy in the sector," it said.

However, industry and services sector, which were most severely hit due to the pandemic induced economic fallout, are expected to contract by 10.0 per cent and 9.2 per cent respectively during 2020-21.