New Delhi: Already in a state of uncertainty and turmoil, there’s another piece of bad news for the country’s economy in coming months. The economic growth of India will contract by 9 per cent in the current fiscal as the coronavirus pandemic weighs heavily on economic activity and consumer sentiment in the country, says Asian Development Bank (ADB). Also Read - Six Months on, Over 69,000 New COVID-19 Cases Reported in Last 24 Hours, Death Count Comes Down to 977
However, in its Asian Development Outlook (ADO) 2020 update, ADB projected a strong recovery for the Indian economy in 2021-22, with gross domestic product (GDP) growing by 8 per cent as mobility and business activities resume more widely. Also Read - 'Inappropriate During Covid-19': Mexico Resort Takes Down Controversial 'Anything Goes' Tourism Ad
“India imposed strict lockdown measures to contain the spread of the pandemic and this has had a severe impact on economic activity,” said ADB Chief Economist Yasuyuki Sawada. Also Read - Highest Single-Day Spike of 57,117 Positive Cases in Last 24 Hours, Unlock 3 Begins Today
“It is crucial that containment measures, such as robust testing, tracking, and ensuring treatment capacities, are implemented consistently and effectively to stop the spread of COVID-19 and provide a sustainable platform for the economy’s recovery for the next fiscal year and beyond,” Sawada further added.