Asian Development Bank projects India’s GDP at -9% in FY21

The Asian Development Bank (ADB) has estimated that the GDP of India is expected to contract by 9% in fiscal 2020 21 (FY21). This estimate is worse than ADB’s previous estimate of -4%.

However, for the FY22 (2021 22), ADB expects India’s GDP at 8 per cent. ADB also expects the gross domestic product (GDP) growth for developing Asia at – 0.7 per cent in 2020, the first negative economic growth since 1962.