ADB trims India's FY22 growth forecast to 10% on second wave impact

Downward revision stems from India's economic recovery getting impacted due to spike in Covid-19 cases in May, the agency said

The Asian Development Bank (ADB) has cut India’s growth projection for financial year 2021-22 to 10 per cent from 11 per cent earlier taking into account the adverse impact on services, domestic consumption, and the urban informal sector due to the second wave of Covid-19 pandemic.

The downward revision in growth forecast has been a result of India’s economic recovery getting impacted due to spike in Covid-19 cases in May, the agency said in its Asian Development Outlook (ADO) 2021 report.

However, the outbreak dissipated faster than anticipated with several states easing lockdown measures, it said.

“The economy is expected