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.
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.