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Asian Development Bank Downgrades India's Economic Growth to 10% for 2021
Asian Development Bank Downgrades India's Economic Growth to 10% for 2021
Sputnik International
The Indian government announced an $85 billion stimulus package on 28 June 2021, focusing mainly on extending loan guarantees and concessional credit for... 22.09.2021, Sputnik International
2021-09-22T12:11+0000
2021-09-22T12:11+0000
2022-07-19T10:39+0000
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The Asian Development Bank (ADB) on Wednesday lowered India's economic growth forecast to 10 percent for 2021-22 - down 1 percent from it April prediction.According to the multilateral funding agency, India's growth forecast was cut following the deadly second COVID wave in April and May, which "dented the recovery."The funding agency also said rising input costs would push inflation to 5.5 percent instead of the previous estimate of 5.2 percent.The report further predicts that a deficient monsoon could worsen inflationary pressure. "Rising global oil and commodity prices, and soaring food prices due to delayed crop sowing, will continue to put upward pressure on India's inflation," it added.Earlier in May, Goldman Sachs also downgraded its growth projection for India from 11.7 percent to 11.1 percent.
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Asian Development Bank Downgrades India's Economic Growth to 10% for 2021
12:11 GMT 22.09.2021 (Updated: 10:39 GMT 19.07.2022) Deexa Khanduri
Sputnik correspondent
The Indian government announced an $85 billion stimulus package on 28 June 2021, focusing mainly on extending loan guarantees and concessional credit for pandemic-hit sectors and investments to ramp up healthcare capacities.
The Asian Development Bank (ADB) on Wednesday lowered India's economic growth forecast to 10 percent for 2021-22 - down 1 percent from it
April prediction.
According to the multilateral funding agency, India's growth forecast was cut following the deadly second COVID wave in April and May, which "dented the recovery."
The funding agency also said rising input costs would push inflation to 5.5 percent instead of the previous
estimate of 5.2 percent.
"The outbreak, however, dissipated faster than anticipated, resulting in several states easing lockdown measures and returning to more normal travel patterns. The economy is expected to rebound strongly in the remaining three-quarters of FY2021," said the Asian Development Outlook Update (ADOU) 2021.
The report further predicts that a deficient monsoon could worsen inflationary pressure.
"Rising global oil and commodity prices, and soaring food prices due to delayed crop sowing, will continue to put upward pressure on
India's inflation," it added.
Earlier in May, Goldman Sachs also downgraded its growth projection for India from 11.7 percent to 11.1 percent.
