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Asian development bank projected India’s growth rate rebound to 11%
Two minute reads :
The Asian Development Bank has projected that India’s growth rate will rebound to 11% from 8% the Fiscal year 2021.
- It will be because of the economic recovery led by the vaccine rollout and the increased public investment.
- It has projected inflation to moderate to 5.2% in FY22 after rising by 6.2% in FY21.
- Asian Development Bank cautioned, the surge in Covid – 19 cases may put the country’s economic recovery at risk.
- Asia’s economic activity is expected to grow 7.7 % this year and 5.6 % in 2022.
- South Asia’s GDP growth is expected to rebound to 9.5% following a 6% contraction in 2020.
- The economic growth in developing Asia is set to rebound to 7.3% this year supported by healthy global recovery.
- The projected resurgence follows a 0.2% contraction last year.
- India had faced the worst economic contractions in 2020 due to the pandemic.
- It has assumed that the second wave of the Covid – 19 pandemic is contained, and vaccines are deployed extensively across the country.
Important takeaways of Asian development bank :
- Formation : 19 December, 1966
- Headquarters : Philippines
- President : Masatsugu Asakawa
- Type : Multilateral Development Bank
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