Editorial: Time to fight

The Asian Development Bank has revised down India’s economic growth forecast for the current fiscal to 10 per cent, from 11 per cent predicted earlier, citing the adverse impact of the second wave of the pandemic. This has shocked economic experts across the country. Many are confident that the nation will fight back and emerge successful.

The economy is expected to rebound strongly in the remaining three quarters of FY2021, and grow by 10 per cent in the full fiscal year before moderating to 7.5 per cent in FY2022, said the Asian Development Outlook Update (ADOU) 2021. In its Asian Development Outlook forecast in April this year, the multilateral funding agency had projected India to grow at 11 per cent in the current fiscal year.

‘Because consumption will recover only gradually, government spending and exports will contribute more to FY2021’s growth than they did in the previous fiscal year,’ it said about India. About the region, it said the outlook varies across South Asia. South Asia comprises Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. With robust demands and strategic planning, it can be overcome, says experts in the industry.

 

NT Bureau