ADB cuts India's GDP growth forecast for FY20 to 7 pc over fiscal shortfall concerns

ADB cuts India's GDP growth forecast for FY20 to 7 pc over fiscal shortfall concerns

PTIUpdated: Thursday, July 18, 2019, 10:30 AM IST
article-image
Asian Development Bank cuts India's GDP growth forecast for FY20 to 7 percent |

New Delhi: Asian Development Bank Thursday lowered India's GDP growth forecast to 7 per cent for the current year on the back of fiscal shortfall concerns.

"India is expected to grow by 7 per cent in 2019 (FY20) and 7.2 per cent 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 per cent in 2019 and 6.7 per cent 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 per cent from 7.6 per cent estimated previously due to moderation in global demand and likely shortfall in revenue on the domestic front.

RECENT STORIES

Mumbai News: MHADA, Adani Realty Ink Landmark Pact For Goregaon's Largest Redevelopment Project

Mumbai News: MHADA, Adani Realty Ink Landmark Pact For Goregaon's Largest Redevelopment Project

Aviation News: Akasa Air Signs 3-Year C-Check Maintenance Deal With GMR Aero Technic For Boeing 737...

Aviation News: Akasa Air Signs 3-Year C-Check Maintenance Deal With GMR Aero Technic For Boeing 737...

IndiGo Launches Direct Daily Flight Between Mumbai And Jalndhar’s Adampur, Enhancing Regional...

IndiGo Launches Direct Daily Flight Between Mumbai And Jalndhar’s Adampur, Enhancing Regional...

Glen Industries IPO To Open On Jul 8; Fixes Issue Price Band At ₹92-97/ Share

Glen Industries IPO To Open On Jul 8; Fixes Issue Price Band At ₹92-97/ Share

Gold Falls ₹550 To ₹98,570/10 Grams Amid Muted Global Demand

Gold Falls ₹550 To ₹98,570/10 Grams Amid Muted Global Demand