Indian economy Bad news Asian Development Bank cuts economic growth forecast to 10 per cent rbi achs– News18 Hindi

New Delhi. The Asian Development Bank (ADB) has reduced the country’s economic growth forecast to 10 percent in the financial year 2021-22. The reason for this has been attributed to the huge loss caused by the corona virus. ADB had projected 11 per cent growth at the beginning of 2021. Also, ADB said that in the fourth quarter of the financial year 2020-21, GDP growth was 1.6 percent. Due to this, the slowdown in economic growth for the full financial year has come down to 7.3 percent from the earlier 8 percent. During the second wave of Corona, most of the states had taken strict steps like lockdown or curfew. This caused a lot of damage to the economy of the country. However, since the opening of the lockdown in June 2021, there is a boom in business activities.

There will be a faster economic recovery if the pace of vaccination increases
On South Asia, ADB said that the economic prospects have suffered a setback due to the outbreak of Corona virus between March and June 2021. However, businesses and consumers are in a better position to deal with this than they were a year ago. The economic growth forecast for the sector has been reduced from 9.5 per cent to 8.9 per cent during the last financial year. However, it has increased from 6.6 per cent to 7 per cent for the current financial year. The pace of vaccination in this area can lead to a faster recovery in economic growth. Its rate is higher than the global average, but much lower than in the US and Europe.

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‘No reason to reduce growth forecast for RBI’
The Reserve Bank of India (RBI) has estimated a growth of 10.5 percent in the country’s GDP in the current financial year. RBI’s Monetary Policy Committee had made this estimate during the policy announcement in April. Last month, the central bank lowered the GDP growth forecast for the current financial year from 10.5 per cent to 9.5 per cent. Reserve Bank Governor Shaktikanta Das recently said that there is no reason for the RBI to lower its growth forecast. Das announced last month that government securities worth Rs 1.2 lakh crore would be bought from the open market in the second quarter under G-SAP 2.0 by RBI to support the market.

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