Asian Development Bank (ADB) in its supplement to the Asian Development Outlook 2019 has slashed India's gross domestic product (GDP) growth forecast to 7 percent for the current fiscal (FY20), from 7.2 percent projected earlier, on the back of fiscal shortfall concerns.
ADB has also lowered its GDP growth forecast for FY 2020-21 to 7.2 percent from 7.3 percent projected earlier. For the south Asian region, it said the outlook remains robust, with growth projected at 6.6 percent in 2019 and 6.7 percent in 2020.
Earlier, in April this year too, it had lowered India's growth forecast by 40 basis points to 7.2 percent for FY20 from 7.6 percent estimated previously due to moderation in global demand and likely shortfall in revenue on the domestic front.
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