ADB cuts India's FY23 GDP forecast to 7.2 percent

Daily Current Affairs / ADB cuts India's FY23 GDP forecast to 7.2 percent

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Category : Business and economics Published on: July 25 2022

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Asian Development Bank (ADB) trimmed India's economic growth forecast for current fiscal year to 7.2 percent from 7.5 percent as pandemic and war impact is weighing down alongside inflationary pressures.
It also lowered the GDP growth estimate for 2023-24 to 7.8% from the 8% estimated earlier.
India, however, will continue to surpass China which is expected to grow by 4 per cent in 2022 as against the earlier estimate of 5 per cent. In 2023 also, China is expected to grow by 4.8 per cent.