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adb cuts India’s fy22 economic growth forecast to 10 percent due to covid-19 second wave

adb cuts India’s fy22 economic growth forecast to 10 percent due to covid-19 second wave
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adb cuts India’s fy22 economic growth forecast to 10 percent due to covid-19 second wave

adb cuts India’s fy22 economic growth forecast to 10 percent due to covid-19 second wave

The pace of economic growth has been hit by the lockdown imposed to overcome the second wave of the Corona epidemic. The Asian Development Bank has expressed the possibility of accelerating growth due to vaccination.

New Delhi. The Asian Development Bank has reduced the rate of economic growth in India to 10 percent for the current financial year. ADB has considered the major loss caused by the second wave of the Corona epidemic. Earlier, the Asian Development Bank (ADB) had forecast economic growth for India at 11 per cent at the beginning of the financial year 2021-22.

loss due to lockdown

ADB had also said that in the last quarter of the last financial year, the GDP was 1.6 percent. This reduced the growth slowdown to 7.3 per cent for the full financial year from 8 per cent earlier. Most of the state governments in India imposed a strict lockdown after the second wave of the corona epidemic. The economy has also suffered a lot due to this. However, business activities have picked up since the lockdown opened in June 2021.

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The second wave hit the pace of development

The Asian Development Bank, in its report released on South Asia, has said that the economic prospects in this region have suffered a setback due to the outbreak of Corona between March and June. It is a different matter that businesses and consumers seem to be in a better position to deal with this than a year ago. For the South Asia region, the economic growth forecast for the last financial year has been lowered to 8.9 per cent from 9.5 per cent. For the current fiscal, it has increased from 6.6 per cent to 7 per cent.

Vaccination will boost growth

ADB has said in its report that due to the pace of vaccination in the South, there can be a faster recovery in economic growth. Its rate is higher than the global average but much lower than in the US and Europe.

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