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The Asian Development Bank (ADB) slashed its growth projection for India to 4% for 2020-21 from 6.5% estimated earlier citing weak global environment and continued efforts to contain the covid-19 outbreak in the country. “The forecast assumes that the pandemic dissipates and full economic activity resumes from the second quarter of FY2020," ADB said in its Asian Development Outlook 2020.
Indian stock markets started financial year 2021 on a weak note, with benchmark indices falling around 4% on Wednesday. The BSE