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ADB cuts India’s 2021-22 growth forecast to 10%

  • Integrity Education, Delhi
  • 22, Sep 2021
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  • The Asian Development Bank has cut its forecast for India’s GDP growth in 202122 to 10%, from 11% projected earlier.
  • The ADB also sees rising input costs fuelling inflation to a faster 5.5% pace, than the 5.2% previously estimated.
  • The primary risks are centred around the pandemic
  • ADB’s outlook is a ‘bit optimistic’ compared to the Reserve Bank of India, which now expects 9.5% growth this year.

About Asian Development Bank

  • ADB is a regional development bank established on 19 December 1966 headquartered in Mandaluyong, Manila (Philippines).
  • ADB envisions a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty in the region.
  • The highest policy-making body of the bank is the Board of Governors, composed of one representative from each member state. 
  • Voting Rights: votes are distributed in proportion with members' capital subscriptions.
  • Japan and the United States each hold the largest proportion of shares at 15.571%. 
  • China holds 6.429%, India holds 6.317%, and Australia holds 5.773%.