India's GDP to grow by 7.0% in 2019 and 7.2% in 2020: ADB

The growth outlook for India has been cut to 7.0% in 2019 and 7.2% in 2020 as forecasted by the Asian Development Bank. The reason behind the cut is the fiscal 2018 outturn fell short. ADB, however, maintained that India would continue to remain the fastest-growing major economy ahead of China.

Releasing its update on the Asian Development Outlook (ADO) 2019, it said China will grow at 6.3% in 2019, and slip further to 6.1% in 2020, mainly on account of continuing trade war with the US.

"The GDP growth forecast for FY2019 (fiscal to be ending in March 2020) is revised down from the ADO 2019 forecast of 7.2% to 7%, mainly reflecting the unexpectedly weak FY2018 (2018-19) outturn," said the ADB supplement to the ADO 2019.