The Asian Development Bank (ADB) has downgraded its India growth forecast for this year to 10% on Tuesday, from 11% projected in April, citing the second wave restrictions across States and expects most of India’s population to be vaccinated by 2022-23. India is expected to record a growth of 7.5% in financial year 2022-23, the Bank said, compared to 7% it had projected earlier. The growth projection for FY2021, downgraded from 11% to 10%, reflects large base effects. The projection for FY2022 (2022-23), by which time much of India’s population is expected to be vaccinated, is upgraded from 7.0% to 7.5% as economic activity normalizes,” the supplement noted. The region’s growth forecast has been moderated from 7.3% to 7.2% for this year.

Source: The Hindu July 20, 2021 01:32 UTC