ADB projects India's GDP to grow at 10% in FY2021-22
On Wednesday, the Asian Development Bank (ADB) lowered India's GDP projections for the financial year 2021-22 from 11% to 10%.
The ADB has cited the impact of the second wave of COVID-19 as the reason for the lowering of India's GDP projections.
"The economy is expected to rebound strongly in the remaining three-quarters of FY2021, and grow by 10% in the full fiscal year before moderating to 7.5% in FY2022," the Asian Development Outlook Update 2021 said.
The institution also increased the projections for the financial year 2022 from 7% to 7.5%.