ADB lowers India’s growth estimate to 9.7 percent for fiscal year 22

Size of ADB Reduces India's growth estimate to 9.7% for current fiscal

New Delhi:

The Asian Development Bank for the second time in three months has lowered its India growth estimate for the financial year ending March 2022 due to supply chain problems across industries.

The Manila-based multilateral development bank has pegged India’s growth estimate at 9.7% for the current financial year in its latest addition. ADB forecast a 10% growth rate for FY 22 in its September supplement.

In its supplement to the Asian Development Outlook (ADO) 2021, the organization said South Asia is forecast to grow at 8.6% in 2021, compared with September’s forecast of August. 8%.

“India, South Asia’s largest economy, is now expected to grow 9.7% in fiscal year (FY) 2021, ending March 31, 2022. The decline is 0.3 percentage points. India’s outlook for FY 2022 is maintained at 7.5%, as domestic demand is expected to slow down. normalization”, according to the ADB supplement.

In September, they revised down India’s economic growth forecast for the current fiscal to 10%, from 11% previously predicted, citing the adverse impact of the second wave of the pandemic.

(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.) ADB lowers India’s growth estimate to 9.7 percent for fiscal year 22

Emma James

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