The Asian Development Bank has projected Indian economy to contract by 4% in Fiscal Year 2021. Indian economy has been projected to contract, as businesses came to a standstill for more than two months due to the nationwide lockdown implemented to contain the COVID-19.
The Asian Development Bank expects India’s economy to recover in Fiscal Year 2022 with growth rate of 5%, as economic activity will get to its normal state gradually.
Important takeaways for all competitive exams:
- President of Asian Development Bank: Masatsugu Asakawa.