The Asian Development Bank for the second time in three months has scaled down India's growth estimate for the fiscal year ending March 2022 due to supply chain issue of industries.
The Manila-based multilateral development bank pegged India's growth estimate at 9.7 per cent for the current fiscal year in its latest supplement. The ADB had projected a growth rate of 10 per cent for FY22 in its September supplement.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
In a supplement to the Asian Development Outlook (ADO) 2021, 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.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
"India, South Asia's largest economy, is now expected to grow 9.7 per cent in fiscal year (FY) 2021, which ends 31 March 2022. The reduction of 0.3 percentage points comes amid supply chain issues that are affecting industry. India's outlook for FY2022 is maintained at 7.5 per cent, as domestic demand is expected to normalize," as per the ADB supplement.
In September, it had revised down India's economic growth forecast for the current fiscal to 10 per cent, from 11 per cent predicted earlier, citing the adverse impact of the second wave of the pandemic.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
