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ADB cuts India’s GDP forecast for FY22 to 10%

ADB cuts India's GDP forecast for FY22 to 10%_50.1

The Asian Development Bank (ADB) has revised downwards India’s economic growth forecast for the current fiscal, 2021-22 (FY22) to 10 per cent. Earlier this was projected at 11 per cent. The Manila-based multilateral funding agency ADB has predicted the GDP growth for fiscal 2022-23 (FY23) to 7.5 per cent.

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The growth forecast for India in the fiscal year 2021 (ending in March 2022) was revised down, as the spike in COVID-19 cases during May dented the recovery, the Asian Development Bank (ADB).

Important takeaways for all competitive exams:

  • President of ADB: Masatsugu Asakawa; Headquarters: Manila, Philippines.

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ADB cuts India's GDP forecast for FY22 to 10%_60.1

ADB cuts India's GDP forecast for FY22 to 10%_70.1

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