Strong rebound likely for Indian economy in 2021-22: ADB

SourceKhaleej Times
CountryMiddle east

The Indian economy, after a deeper-than-expected contraction in the current fiscal, will make a strong rebound in fiscal year 2021-22 with the gross domestic product (GDP) recording 8 per cent surge as mobility and business activities resume more widely, the Asian Development Bank said on Tuesday.Revising downwards its estimate for the GDP in the current 2020-21 fiscal, the ADB expects India's economy to contract by 9.0 per cent as against the 4.0 per cent forecast made in June as the Covid-19 pandemic weighs heavily on economic activity and consumer sentiment in the country.In its Asian Development Outlook (ADO) 2020 ppdate, the bank said India's growth outlook remains highly vulnerable to either a prolonged outbreak or a resurgence of more...