NEW DELHI: Asian Development Bank (ADB) has lowered India’s growth forecast for 2019-20 to 7.2 per cent from 7.6 per cent estimated earlier due to moderation in global demand and likely shortfall in revenue on the domestic front.
For the just concluded fiscal (2018-19) also, ADB has cut the growth estimate to 7 per cent from 7.3 per cent projected in December last year.
“Growth slowed from 7.2 per cent in fiscal 2017 to 7 per cent in 2018, with weaker agricultural output and consumption growth curtailed by higher global oil prices and lower Government expenditure.
“Growth is expected to rebound to 7.2 per cent in 2019 and 7.3 per cent in 2020 as policy rates are cut and farmers receive income support, bolstering domestic demand, “ADB said in its Asian Development Outlook (ADO) 2019 released on Wednesday. (AGENCIES)
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