ADB Cuts India’s FY20 GDP Growth Forecast To 7%
However, the bank said the outlook remains robust for the south Asian region.
Asian Development Bank lowered India's GDP growth forecast for the current year to 7 percent on the back of fiscal shortfall concerns.
"India is expected to grow by 7 percent in 2019 (FY20) and 7.2 percent in 2020 (FY21), slightly slower than projected in April because the fiscal 2018 out-turn fell short,” ADB said in its supplement to the Asian Development Outlook 2019.
For the south Asian region, ADB said the outlook remains robust, with growth projected at 6.6 percent in 2019 and 6.7 percent in 2020.
Earlier in April this year too, the Manila-based multi-lateral funding agency had lowered India's growth forecast for FY20 to 7.2 percent from 7.6 percent estimated previously due to moderation in global demand and likely shortfall in revenue on the domestic front.