Current Affairs - Economy - Discussion

The Asian Development Bank (ADB) has reduced India's growth forecast for the current financial year to 7%. Earlier, it had announced a growth estimation of 7.2%. It reported in its Asian Development Outlook 2019. The Manila-based multilateral institution has lowered the country's forecast for for 2019-20 from 7.6% to 7.2% in April, 2019. It cited moderate global demand and shortfall in revenue on the domestic front. Now, India is expected to grow by 7% in 2019 and 7.2% in 2020, slightly slower than projected in April due to the less the fiscal 2018 outturn fell short. It also revised India's inflation forecast by 0.2% points to 4.1% in FY20 and 4.4% in FY21.