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ADB cuts India's FY20 GDP growth forecast to 7% on fiscal shortfall worries

Earlier in April this year, too, the Manila-based multi-lateral funding agency had lowered India's growth forecast for FY20 to 7.2% from 7.6% estimated previously

Press Trust of India  |  New Delhi 

GDP growth in Q3 slows to 6-quarter low of 6.6%

Asian Development Bank on Thursday lowered India's forecast to 7 per cent for the current year on the back of fiscal shortfall concerns.  

"India is expected to grow by 7 per cent in 2019 (FY20) and 7.2 per cent in 2020 (FY21), slightly slower than projected in April because the fiscal 2018 outturn fell short," ADB said in its supplement to the Asian Development Outlook 2019.

For the south Asian region, ADB said the outlook remains robust, with growth projected at 6.6 per cent in 2019 and 6.7 per cent in 2020.

Earlier in April this year too, the Manila-based multi-lateral funding agency had lowered India's growth forecast for FY20 to 7.2 per cent from 7.6 per cent estimated previously due to moderation in global demand and likely shortfall in revenue on the domestic front.   

First Published: Thu, July 18 2019. 09:35 IST
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