ADB scales down India's GDP growth forecast from 6.5% to 5.1% for FY20

The Asian Development Bank (ADB) has sharply scaled down its projection for India's economic growth to 5.1 per cent in 2019-20 from 6.5 per cent projected earlier because of the crisis in the non-banking finance companies and impact on consumption due to rural distress and a dismal job scenario. 

The ADB said growth would pick up to 6.5 per cent in 2020-21 with "supportive" policies, but also said it would be lower than its earlier forecast of 7.2 per cent for the fiscal year. 

The growth forecast, given in ADB's supplement to the Asian Development Outlook 2019, would make India