The Asian Development Bank (ADB) projected it's Asian Development Outlook' (ADO) GDP in India to decline to four per cent in FY 2021 before strengthening it to 6.2 per cent in the coming fiscal. is. This is nothing short of a shock to the economy amidst a worldwide health emergency caused by the coronavirus global epidemic.
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The growth rate of India has been slowing down since the downturn in the market last year. In this context, ADB President Masatsugu Asakawa said, "There are many challenging times. The coronavirus has affected people's lives all over the world and is disrupting the industry and other economic activities. ''
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Earlier this week, Fitch Solutions also lowered India's economic growth forecast to 4.6 per cent for the fiscal year 2020-21. Meanwhile, India Ratings also lowered the economic growth forecast for the next financial year to 3.6 per cent. The move was taken by the agency in the wake of the Corona virus epidemic that weakened private consumption and reduced investment. The impact of the corona virus is being seen on the economy around the world.
