ADB scales down India's growth estimate to 9.7% for FY22
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Amid supply chain issue of industries, the c (ABD) in its latest supplement to the Asian Development Outlook (ADO) 2021 has scaled down India's growth estimate for the fiscal year ending March 2022 for the second time in three months. It has pegged India's growth estimate at 9.7 percent for the current fiscal year in its latest supplement.
It said South Asia is forecast to grow at 8.6 per cent in 2021, compared with the September's forecast of 8.8 per cent. as per the ADB supplement ‘India, South Asia's largest economy, is now expected to grow 9.7 per cent in fiscal year 2022. The reduction of 0.3 percentage points comes amid supply chain issues that are affecting industry.’
Citing the adverse impact of the second wave of the pandemic, in September, the Asian Development Bank had revised down India's economic growth forecast for the current fiscal to 10 per cent, from 11 per cent predicted earlier.
