New Delhi: The Asian Development Bank (ADB) has forecast a 9 per cent decline in the Indian economy in the current financial year 2020-21. The Asian Development Outlook (ADO) -2020 update released by the ADB on Tuesday said that the economic activity in India has been severely affected by the Corona virus. This has also impacted consumer sentiment, which will cause a 9 per cent drop in gross domestic product (GDP) in the current financial year. However, the ADB estimates that there will be a big boom in the Indian economy in the next financial year 2021-22. In the April-June quarter of the current financial year, there has been a decline of 23.9 percent in GDP.
ADB said that India’s economic growth rate will be 8 percent in the next financial year due to the opening of traffic and business activities. ADB chief economist Yasuyuki Sawada said, “India imposed a strict lockdown to prevent the spread of the epidemic.” Economic activity was severely affected by this, “he said.” For the growth of the economy in the next financial year and beyond, expansion of capacity to control, investigate, monitor and treat the epidemic is critical. These measures need to be implemented effectively, only then will the economy recover.
Global rating agency S&P estimates that the Indian economy may decline by 9 percent in the current financial year. The rating agency on Monday lowered India’s economic growth forecast for 2020-21 to (-) 9 percent. Earlier he had predicted a 5 per cent decline in the Indian economy. SADampi says that the Corona epidemic has severely affected economic activity. Its effect can be seen on economic growth rate.
