UN projected India's GDP for FY21 at 4.8 %

A UN report has declared that India's GDP growth for the current fiscal is expected to slow down to 4.8 per cent, warning that the COVID-19 pandemic is expected to result in significant adverse economic impacts globally.
The UN 'Economic and Social Survey of Asia and the Pacific (ESCAP) 2020: Towards sustainable economies' said that COVID-19 is having far-reaching economic and social consequences for the region, with strong cross-border spillover effects through trade, tourism and financial linkages.
India's GDP growth for the fiscal year 2019-2020 was estimated at 5 per cent and is forecast to slow down to 4.8 per cent for the current fiscal 2020-21. Economic growth for the country could stand at 5.1 per cent for fiscal year 2021-22.
The report noted that these are very preliminary forecasts based on the data and information available up to March 10.
The Economic Survey, released a day before Finance Minister Nirmala Sitharaman presented Union Budget for 2020-21 on February 1, had projected a GDP growth of 6-6.5 per cent, up from 5 per cent estimate for 2019-20.