ADB lowers India's growth forecast to 10 per cent

New Delhi: The Asian Development Bank (ADB) has lowered India's economic growth target for the current financial year. According to the ADB, India's GDP growth rate is estimated at 10%. Earlier, India's GDP growth was projected at 11%.

India's economy is recovering from the Corona epidemic. However, as many countries in the world are once again in the throes of the Corona, there is a resurgence in the agencies and institutions regarding the growth of India's economy.

According to a new report, the Asian Development Bank (ADB) has slashed India's economic growth forecast for the current financial year from 11 per cent to 10 per cent. The ADB says the damage from the second wave of Corona will affect India's growth. Earlier in April, the ADB had projected 11 per cent growth for the economy.

An update on ADB's Asian Development Outlook Growth says the Corona epidemic has subsided earlier than expected and has led to lockdowns and travel relief in many states. The economy is expected to recover quickly in the remaining three quarters of the fiscal year.

In the next financial year, 203-2, economic growth is expected to slow to 7.5 per cent.

Economic growth in South Asia is expected to slow this year. However it is expected to grow at full speed again next year. Apart from India, the region includes Bangladesh, Afghanistan, Maldives, Nepal, Sri Lanka, Pakistan and Bhutan.

ADB said that while growth in consumption in China is not high, growth is likely to remain strong.