(Priyanka Gupta, Intern Journalist)New Delhi: The Asian Development Bank (ADB) has forecast a nine percent decline in the Indian economy in the current financial year 2020-21. In the Asian Development Scenario (ADO) -2020 update released by ADB on Tuesday, it has been said that economic activity has been badly affected due to Coronavirus in India. This has also impacted consumer sentiment, which will cause a nine percent drop in the gross domestic product (GDP) in the current financial year. However, ADB estimates that there will be a big boom in the Indian economy in the next financial year 2021-22.
ADB said that India’s economic growth rate will be 8 percent in the next financial year due to the movement and opening of business activities. ADB Chief Economist Yasuyuki Sawada said, “India imposed a strict lockdown to prevent the spread of the epidemic.” Due to this, economic activities were severely affected.
He said, “The expansion of capacity to measure, investigate, monitor and treat the epidemic is critical for the growth of the economy in the next financial year and beyond. These measures need to be implemented effectively, only then will the economy recover.
About Post Author
