ADB cuts India’s GDP growth forecast to 7% for this year

New Delhi: Asian Development Bank on Thursday lowered India's GDP growth forecast to 7% for the current year on the back of fiscal shortfall concerns.

"India is expected to grow by 7% in 2019 (FY20) and 7.2% in 2020 (FY21), slightly slower than projected in April because the fiscal 2018 outturn fell short," ADB said in its supplement to the Asian Development Outlook 2019.

For the south Asian region, ADB said the outlook remains robust, with growth projected at 6.6% in 2019 and 6.7% in 2020.

Earlier in April this year too, the Manila-based multi-lateral funding agency had lowered India's growth forecast for FY20 to 7.2% from 7.6% estimated previously due to moderation in global demand and likely shortfall in revenue on the domestic front.