World Bank cuts India's growth forecast to 6.3%; Asian Development Bank (ADB) projects 6.4% for FY24

World Bank cuts India's growth forecast to 6.3%; Asian Development Bank (ADB) projects 6.4% for FY24

Daily Current Affairs   /   World Bank cuts India's growth forecast to 6.3%; Asian Development Bank (ADB) projects 6.4% for FY24

Change Language English Hindi

Category : Business and economics Published on: April 06 2023

Share on facebook
  • The World Bank and the Asian Development Bank has projected moderation in the Indian economic growth between 6.3 per cent and 6.4 per cent due to a slowdown in consumption and challenging external conditions.
  • The World Bank in its latest 'India Development Update' (IDU) slashed the GDP forecast to 6.3 per cent against the earlier estimate of 6.6 per cent in 2023-24 (FY24).
  • Multi-lateral funding agency Asian Development Bank also said India's economic growth is expected to moderate to 6.4 per cent in the current financial year due to tight monetary conditions and elevated oil prices as compared to 6.8 per cent expansion for the financial year ended March 2023.
  • The projections are part of the latest edition of ADB's flagship economic publication, Asian Development Outlook (ADO) April 2023.
  • The ADB report projected moderation in inflation to 5 per cent while Current Account Deficit to 2.2 per cent in the current financial year.
Recent Post's
  • NHB launched Gruh Sugam Portal on March 26, 2026 to provide easy online home loans to defence, paramilitary and government personnel without visiting banks.

    Read More....
  • The US Treasury announced new currency notes bearing President Donald Trump’s signature will be introduced from June 2026, the first time a sitting president’s signature appears on American money.

    Read More....
  • DPIIT signed an MoU with KRAFTON India to boost startups in online gaming, esports, digital entertainment and AI technologies through mentorship, hackathons and innovation challenges.

    Read More....
  • Former Google executive Matt Brittin was appointed as the new Director-General of BBC, effective from May 18, 2026.

    Read More....
  • The Rajasthan government launched the Industrial Park Promotion Policy 2026 to attract investment, create jobs and develop world-class industrial parks with green incentives.

    Read More....
  • Indian Railways approved ₹1,236 crore projects to expand optical fibre network and deploy indigenous Kavach train protection system for enhanced safety and communication.

    Read More....
  • Veteran Telugu actor Nandamuri Balakrishna received Lifetime Achievement Award at International Film Festival of Delhi (IFFD) 2026 for his five-decade contribution to cinema.

    Read More....
  • IIM Kozhikode entered the global top 100 in QS World University Rankings by Subject 2026 for the first time, highlighting India’s rising academic strength.

    Read More....
  • The Ministry of Road Transport and Highways launched PRISM-SG Portal to fast-track approvals and inspections for Road Over Bridges and steel girder fabrication.

    Read More....
  • Veteran Malayalam actor and director E.A. Rajendran passed away at the age of 71 in Kollam after prolonged illness.

    Read More....