Asian Development Bank lowers India's GDP growth forecast

Daily Current Affairs / Asian Development Bank lowers India's GDP growth forecast

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Category : Business and economics Published on: September 23 2022

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The Asian Development Bank (ADB) lowered India's GDP growth projection for the year 2022-23 to 7 per cent from the earlier 7.2 per cent based on higher-than-expected inflation and monetary tightening.
ADO report released on Wednesday, it was mentioned that the Indian economy recorded a 13.5 per cent year-on-year in the first quarter of 2022-23.
Fitch ratings also slashed India's growth forecast for 2022-23 to 7 per cent from previous estimates of 7.8 per cent.
Moody's Investors Service slashed India's GDP growth projection from 8.3% in 2021 to 7.7% in 2022 and projected it to decelerate further to 5.2% in 2023.