India’s economy to contract 9% in FY21: ADB


Team Udayavani, Sep 15, 2020, 12:32 PM IST

New Delhi: India’s economic growth will contract by 9 per cent in the current fiscal as the coronavirus pandemic weighs heavily on economic activity and consumer sentiment in the country, according to ADB.

In its Asian Development Outlook (ADO) 2020 update, ADB projected a strong recovery for the Indian economy in 2021-22, with gross domestic product (GDP) growing by 8 per cent as mobility and business activities resume more widely.

“India imposed strict lockdown measures to contain the spread of the pandemic and this has had a severe impact on economic activity,” said ADB Chief Economist Yasuyuki Sawada.

“It is crucial that containment measures, such as robust testing, tracking, and ensuring treatment capacities, are implemented consistently and effectively to stop the spread of Covid-19 and provide a sustainable platform for the economy’s recovery for the next fiscal year and beyond.”

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

AIMIM suffers big blow in Bihar, 4 out of 5 MLAs join RJD

Udaipur murderer has links with Pak-based Dawat-e-Islami, visited Karachi in 2014: DGP

Amid bid to project Siddaramaiah for CM post, DKShi supporters favour collective leadership

MP: Five-year-old falls into borewell in Chhatarpur; rescue operations underway

Maha: Fire erupts at chemical factory in Palghar; no casualties

Employee receives 286 times more salary, goes missing

PM’s ‘Gabbar Singh Tax’ is now turning into ‘Grahasti Sarvnaash Tax’: Rahul


Related Articles More

Stocks halt 4-day winning run, Sensex down 150 pts on weak global markets

ManipalCigna launches new Cashless OPD coverage under ProHealth Prime

Sebi penalizes NSE, former chief Chitra Ramkrishna, 16 others in ‘dark fibre’ case

GST council clears proposal to remove tax exemptions on some items

Opposition-ruled states demand continuation of GST compensation

MUST WATCH

Theft of clothing at banahatti

City Police Commissioner N Shashikumar at Chitradurga Fort

Bride breaks down after receiving wax statue of her late father as a gift. Video divides Internet

Eirthquake in Sullya and madikeri

House Caught Fire at Kumta


Latest Additions

AIMIM suffers big blow in Bihar, 4 out of 5 MLAs join RJD

Udaipur murderer has links with Pak-based Dawat-e-Islami, visited Karachi in 2014: DGP

Stocks halt 4-day winning run, Sensex down 150 pts on weak global markets

Amid bid to project Siddaramaiah for CM post, DKShi supporters favour collective leadership

Yadgir: Man locks members of wife’s family in a room, sets them ablaze

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.