The Asian Development Bank (ADB) has cut India’s economic growth forecast for the current financial year to 7.2 percent.
A report published by the bank states:
Hyperinflation, Russia-Ukraine war, Corona spread etc. are expected to create a serious challenge for India’s economic growth. Accordingly, the study revealed that India’s economic growth rate will remain at 7.2 percent in the current financial year.
Last April, as per the then estimates, this growth rate was reported to be 7.5 percent.
Moreover, the economic growth rate for the financial year ending March 2022 has also been reduced from 8.9 percent to 8.7 percent, according to ADP.
