Amid the adverse impact of the coronavirus pandemic, Asian Development Bank (ADB) in its latest report has downgraded India's economic growth forecast for the current financial year to 10 percent, from 11 percent projected in April.
The multilateral funding agency said that India's GDP growth recovered to 1.6 percent in the last quarter of the fiscal year ended March 2021, narrowing contraction in the whole fiscal year from 8 percent estimated in April to a revised 7.3 percent.
As per the report, the projection for FY2022 (ending in March 2023), by which time much of India's population is expected to be vaccinated, is upgraded from 7 percent to 7.5 percent as economic activity normalizes.