India's economy will contract at slower pace of 8%: ADB

The Asian Development Bank (ADB) on Thursday said developing Asia will recover faster than expected, fueled by the growth of China. India too will follow a similar path, ADB said, predicting that the economy will shrink at a slower pace of 8%, as against the earlier estimate of 9% for FY21. South Asia's GDP could contract by 6.1% in 2020. Pandemic continues to adversely affect economies, said ADB's official.