ADB Retains India's growth Forecast At 6.4% For Current Fiscal In April, the ADB had projected that India's economic growth is expected to moderate to 6.4% in the current financial year due to tight monetary conditions and elevated oil prices
By Teena Jose
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The Asian Development Bank (ADB) on Wednesday retained India's economic growth forecast at 6.4% for the current financial year and 6.7% for the next, saying robust domestic demand will continue to support the region's recovery, according to a PTI report.
In an update to its Asian Development Outlook, the ADB said inflation is expected to continue to fall, approaching pre-pandemic levels as fuel and food prices decline. Reportedly, it forecast 3.6% inflation this year for developing economies in Asia, and 3.4% in 2024.
"Asia and the Pacific continues to recover from the pandemic at a steady pace. Domestic demand and services activity are driving growth, while many economies are also benefiting from a strong recovery in tourism. However, industrial activity and exports remain weak, and the outlook for global growth and demand next year has worsened," said ADB Chief Economist Albert Park, in a statement.
In April, the ADB had projected that India's economic growth is expected to moderate to 6.4% in the current financial year due to tight monetary conditions and elevated oil prices, the report added.
