ADB retains India's growth forecast at 6.4% for current fiscal

ADB retains India's growth forecast at 6.4% for current fiscal

Daily Current Affairs / ADB retains India's growth forecast at 6.4% for current fiscal

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Category : Business and economics Published on: July 21 2023

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The Asian Development Bank (ADB) today retained India's economic growth forecast at 6.4 percent for the current financial year and 6.7 percent for the next.
It forecast 3.6 percent inflation this year for developing economies in Asia, and 3.4 percent in 2024.
The Indian economy expanded by 7.2 percent in FY23.
In the current fiscal year, consumption demand in India is expected to recover with improvement in both rural and urban demand as reflected in such indicators as consumer confidence, urban unemployment, and motorbike sales.
In April, the ADB projected that India's economic growth is expected to moderate to 6.4 percent in the current financial year due to tight monetary conditions and elevated oil prices.
China's economy is projected to expand 5 percent in 2023, unchanged from the April forecast, amid strong domestic demand in the services sector. In 2024, China's GDP is projected to grow 4.5 percent.

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