New Delhi, Sept. 15 -- The Asian Development Bank (ADB) on Tuesday projected a 9 per cent contraction of the Indian economy in the financial year 2020-21, revising its outlook within three months as the Covid situation continues.
In June, ADB had predicted a 4 per cent contraction in the country's GDP in the current fiscal.
The forecast comes just over a fortnight after the country reported a 23.9 per cent contraction in its Gross Domestic Product (GDP) for the April-June quarter.
The ADB report noted that the Indian economy having weakened even before the pandemic struck, the government enjoyed little fiscal space to respond.
"Indian GDP is expected to fall by 9 per cent in the whole of this fiscal year and then grow by 8.0 per cent in...