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Last Updated : Sep 15, 2020 11:51 AM IST | Source: Moneycontrol.com

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.

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.

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"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)
First Published on Sep 15, 2020 11:51 am
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