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ADB cuts India’s GDP growth forecast to 7 per cent for FY20

Asian Development Bank today 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 and 7.2 per cent in 2020, slightly slower than projected in April, ADB said in its supplement to the Asian Development Outlook 2019.

Earlier in April this year too, the Manila-based multilateral funding agency had lowered India’s growth forecast for 2019 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.

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