ADB estimates, Indian economy will decline by 9 percent in 2020-21

ADB estimates, Indian economy will decline by 9 percent in 2020-21

New Delhi. The Asian Development Bank (ADB) has forecast a nine percent decline in the Indian economy in the current financial year 2020-21 . The Asian Development Scenario (ADO) -2020 update released by the ADB on Tuesday said that the economic activity in India has been badly affected due to the corona virus . It has also impacted consumer sentiment, which will lead to a nine percent drop in gross domestic product (GDP) in the current financial year. However, ADB forecasts that the Indian economy will witness a big jump in the next financial year 2021-22. ADB said that India's economic growth rate will be 8 percent in the next financial year due to the movement and opening of business activities.

ADB Chief Economist Yasuyuki Savadane said, "India imposed a strict lockdown to prevent the spread of the epidemic." Economic activity has been severely affected by this, ”he said.“ For the growth of the economy in the next financial year and beyond, expansion of capacity to control, investigate, monitor and treat the epidemic is critical. These measures need to be implemented effectively, only then will the economy recover.