Covid-19 impact: India's economy to contract 9% in FY21, says ADB

India's coronavirus-battered economy will shrink by 9 per cent this fiscal, the Asian Development Bank (ADB) predicted on Tuesday saying growth outlook remains highly vulnerable to either a prolonged outbreak of the pandemic or a resurgence of cases.

This will be the first time in four decades that the Indian economic growth will contract.

In its Asian Development Outlook (ADO) 2020 Update, ADB forecasts a strong recovery for the economy in FY2021, with gross domestic product (GDP) growing by 8 per cent as mobility and business activities resume more widely.

"India imposed strict lockdown measures to contain the spread of the pandemic and