ADB says India's economy to contract by 9% in FY21

New Delhi: India's economic growth 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, according to ADB.

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.