ADB Lowers India’s GDP Growth Forecast to 7% for FY20

New Delhi: The Asian Development Bank (ADB) on Thursday cut India’s GDP growth forecast to 7 per cent for the current year due to the fiscal shortfall concerns.

India’s economic growth is likely to touch 7 per cent in 2019 and 7.2 per cent in 2020, slightly slower than projected in April, ADB said in its supplement to the Asian Development Outlook 2019.

“The GDP growth forecast for FY2019 (fiscal to be ending in March 2020) is revised down from the ADO 2019 forecast of 7.2 per cent to 7 per cent, mainly reflecting the unexpectedly weak FY2018 (2018-19) outturn,” said the ADB supplement to the ADO 2019.

The Manila-based multilateral funding agency in April this year had also lowered India’s growth forecast for 2019 to 7.2 per cent from 7.6 per cent estimated previously due to moderation in global demand and likely shortfall in revenue on the domestic front.

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