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India GDP forecast: ADB expects growth to contract by 9% in FY21

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 percent as mobility and business activities resume more widely.

September 15, 2020 / 11:51 AM IST

ADB expects India's FY21 GDP growth to contract by 9 as the coronavirus pandemic weighs heavily on economic activity and consumer sentiment in the country.

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 percent 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."

(With PTI inputs)
Moneycontrol News
first published: Sep 15, 2020 11:51 am

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