Asian Development Bank Released Estimate About India’s GDP
According to the Asian Development Bank-ADB, India’s economy, meanwhile, is expected to grow 11 percent in fiscal year (FY) 2021 amid a strong vaccine drive, which will end on 31 March 2022.
Coronavirus (Covid-19): The Asian Development Bank (ADB) said that the Indian economy is likely to grow by 11 percent in the current financial year. In its report ‘Asian Development Outlook (ADO) 2021’, the ADB also said that the recent upsurge in Kovid 19 cases could jeopardize this February. It also stated that India’s economy (GDP), meanwhile, is expected to grow 11 percent in fiscal year (FY) 2021 amid a strong vaccine drive, which will end on 31 March 2022. However, the recent upsurge in the cases of Covid -19 may put this recovery at risk.
India’s GDP to grow at 7.0 per cent in next financial year
India’s GDP is expected to expand by 7.0 percent in the next financial year. This year, the GDP growth rate of South Asia has come down to 9.5 percent in 2020, which will come down to 6.6 percent in the next year. ADB Chief Economist Yasuyuki Sawada said, “There is growth in the development of Asia, but the rising outbreak of Kovid 19 may threaten this recovery.”
Inflation expected to decrease in developing Asia
The chief economist stated that “economies in the region are on a path of change. It remains to be seen how much their trajectory is benefiting from the extent of domestic outbreaks, the pace of their vaccine rollout, and the global recovery. According to the report, in developing Asia Inflation is projected to fall to 2.3 percent from 2.8 percent last year, as there is pressure on food prices in the People’s Republic of India and China. The inflation rate for the region is expected to rise to 2.7 percent in 2022.