
ADB scales down India’s economic growth forecast for this fiscal to 10 per cent
PTI, Sep 22, 2021, 9:51 AM IST

Credit: Reuters photo
New Delhi: The Asian Development Bank on Wednesday revised down India’s economic growth forecast for the current fiscal to 10 per cent, from 11 per cent predicted earlier, citing the adverse impact of the second wave of the pandemic.
The growth forecast for India in fiscal year 2021 (ending in March 2022) was revised down, as the spike in COVID-19 cases during May dented the recovery, the Asian Development Bank (ADB) said in its latest economic outlook.
“The outbreak, however, dissipated faster than anticipated, resulting in several states easing lockdown measures and returning to more normal travel patterns. The economy is expected to rebound strongly in the remaining three quarters of FY2021, and grow by 10 per cent in the full fiscal year before moderating to 7.5 per cent in FY2022,” said the Asian Development Outlook Update (ADOU) 2021.
In its Asian Development Outlook forecast in April this year, the multilateral funding agency had projected India to grow at 11 per cent in the current fiscal year. “Because consumption will recover only gradually, government spending and exports will contribute more to FY2021’s growth than they did in the previous fiscal year,” it said about India.
About the region, it said the outlook varies across South Asia. South Asia comprises Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. The sub-region is projected to expand more slowly this year than earlier projected, but faster next year, it said.
According to ADB, growth in the People’s Republic of China (PRC) will remain strong, despite a protracted recovery in household consumption. “The GDP growth forecast remains unchanged at 8.1 per cent in 2021 and 5.5 per cent in 2022, as a solid export performance and higher fiscal support in the second half of 2021 keep growth on track,” it said on China.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More

Sebi cancels Siddhi Vinayak Commodities’ registration in NSEL case

RBI working on light weight, portable payment system for critical transactions during catastrophic events

India’s growth momentum likely to be sustained in 2023-24: RBI

Markets jump in early trade, Sensex reclaims 63,000-mark

Global trends, macroeconomic data to drive equity markets this week: Analysts
MUST WATCH
Latest Additions

Mangaluru: 2 arrested for peddling ganja at Moodushedde

Will do a film when emotionally ready: Aamir Khan

NCERT drops references to Khalistan demand from class 12 political science textbook

Can’t force citizen to choose between education and reproductive autonomy, says Delhi HC

Worst cyberattack in Greece disrupts high school exams, causes political spat