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The Asia Development Bank (ADB) has slashed India’s GDP growth forecast for the fiscal year 2021-22. ADB has lowered the forecast from 11% to 10%. Due to the lockdown in many parts of the country due to the second wave of the Corona epidemic, economic growth has been estimated. It has also been said that by 2022-23, most of the population of India will be vaccinated.
Government of India said…
According to the Government of India, by December 2021, everyone in the country will get the vaccine for Kovid-19. But according to ADB, Global Observers believe that India will not be able to achieve the target set by December 2021.
Average inflation forecast raised
The bank has raised the average inflation forecast for the financial year 2021-22 from 5.2% to 5.5% due to the rise in oil and food prices in India.
RBI’s estimate on retail inflation
The Reserve Bank of India (RBI) has projected retail inflation at 5.1% for 2021-22. Retail inflation stood at around 6.3% in May and June.
7.5% growth expected in 2022-23
ADB said that, due to the re-spread of the Kovid-19 epidemic, economic activity has come to a halt across South Asia. At the same time, in the next financial year 2022-23, the Indian GDP growth has been increased from 7% to 7.5%.
According to the Asian Development Outlook (ADO) report, the GDP growth in the last quarter of the last financial year 2020-21 was 1.6%, due to which the GDP declined by 7.3% instead of the estimated 8%. South Asia’s growth for the financial year 2020-21 has been slashed to 8.9% from 9.5%. The estimate for India has been lowered by 1% to 10%. Inflation forecast for Asia has been raised from 5.5% to 5.8%.
They have also reduced their estimates
RBI: India’s GDP growth forecast for the financial year 2021-22 has been reduced from 10.5% to 9.5%.
SBI: For the current financial year 2021-22, the GDP growth rate has been reduced from 10.4% to 7.9%.
World Bank: GDP growth forecast reduced to 8.3% from 10.1%.
Moody’s: India’s growth forecast for the financial year 2021-22 has been reduced from 13.9% to 9.6%.
S&P: The GDP growth forecast was lowered to 9.5% from 11%.