The Asian Development Bank (ADB) on Tuesday downgraded India’s economic growth projection for the 2021-22 fiscal year to 10% from the 11% projected in April this year. In the report, the ADB further said that the economic projection for the financial year 2022 has been upgraded to 7.5% from the previous 7%. Meanwhile, the GDP growth forecast for the whole sub region of South Asia has been downgraded in the ADB report to 8.9% from the 9.5% projected in the previous report. “The economic outlook for South Asia is dampened by new waves of COVID-19 hitting the subregion from March to June 2021. The GDP growth projection for the current year has been slightly revised down from 7.3% in April 2021 to 7.2% currently.

Source: Hindustan Times July 20, 2021 11:26 UTC