India’s economic growth forecast projected at 10% in FY22 and 7.5% in FY23: ADB

Current GK ( Master) Growth and development

The Manila-based Asian Development Bank (ADB) has downgraded India’s economic growth forecast for the financial year 2021-22 (FY22) to 10 percent, in its Asian Development Outlook (ADO) Supplement for July. Earlier this was estimated at 11%.
The multilateral funding agency, has lowered the GDP growth forecast on account of the adverse impact of the coronavirus pandemic.
Further, ADB has projected the GDP growth rate for FY2022 (2022-23) to 7.5 percent from earlier projection of 7 percent.