The Asian Development Bank (ADB) has projected a 9 percent decline in the Indian economy in the current financial year 2020-21. The Asian Development Outlook (ADO) 2020 update released by the ADB on Tuesday said that the economic activity in India has been badly affected due to coronavirus. This has also impacted consumer sentiment, which will cause a nine percent drop in the gross domestic product (GDP) during the current financial year. However, the ADB estimates that there will be a big boom in the Indian economy in the next financial year 2021-22. ADB said that India's economic growth rate will be 8 percent in the next financial year due to the movement and opening of business activities.

Source: dna September 15, 2020 10:39 UTC