India's GDP may fall by 9 per cent, Asian Development Bank predicts

Sep 15 2020 01:31 PM
India's GDP may fall by 9 per cent, Asian Development Bank predicts

New Delhi: The economy of the country may see a decline of 9 per cent in the current financial year. The Asian Development Bank has estimated this. The bank has said in its estimation that the economic conditions have been severely affected by the Corona pandemic in the country and that it has had a direct impact on the sentiment of customers. There has been a drop in demand and there is a possibility of a downward trend in the economy.

However, the bank has expected 8 per cent of the country's economic growth in the coming financial year 2021-22. Experts say that due to weak demand base in the current financial year, there will be a fast trend in the next financial year. In the Asian Development Outlook, the bank has said that business activities will gain momentum in the coming financial year and this will boost economic growth.

The bank's chief economist Yasuyuki Sawada said, "India imposed a stringent lockdown to prevent the spread of the coronavirus infection and its impact has been very adverse on the economy." The Asian development forecast for a fall in GDP is almost identical to the estimates of several other rating agencies, which have forecast a decline in the country's economy.

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