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Asian Development Bank Forecasts India's Growth at 6.4% for Current Fiscal Year
Asian Development Bank Forecasts India's Growth at 6.4% for Current Fiscal Year
Sputnik India
The Asian Development Bank (ADB) on Wednesday forecasted India’s economic growth at 6.4 percent for the current fiscal year, adding that robust domestic demand will continue to support the region's recovery.
2023-07-19T14:35+0530
2023-07-19T14:35+0530
2023-07-19T14:35+0530
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The Asian Development Bank (ADB) on Wednesday forecasted India’s economic growth at 6.4 percent for the current fiscal year, adding that robust domestic demand will continue to support the region's recovery.The ADB predicted 6.7 percent growth for the 2024-25 fiscal year. The Manila-based multilateral bank said inflation would continue to fall in the Asian region, approaching pre-pandemic levels, as fuel and food prices decline. It forecasts 3.6 percent inflation this year for developing economies in Asia and 3.4 percent in 2024. “Domestic demand and services activity is 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," Park added.
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india’s economic growth, robust domestic demand, inflation will continue to fall in the asian region, pre-pandemic levels, india's gdp, adb chief economist albert park, global growth, industry recovery
india’s economic growth, robust domestic demand, inflation will continue to fall in the asian region, pre-pandemic levels, india's gdp, adb chief economist albert park, global growth, industry recovery
Asian Development Bank Forecasts India's Growth at 6.4% for Current Fiscal Year
Deexa Khanduri
Sputnik correspondent
India’s Gross Domestic Product (GDP) in 2022-23 was recorded at 7.2 percent. For the current fiscal year, the country’s central bank predicted GDP growth of 6.5 percent.
The
Asian Development Bank (ADB) on Wednesday forecasted
India’s economic growth at 6.4 percent for the
current fiscal year, adding that robust domestic demand will continue to support the region's recovery.
The ADB predicted 6.7 percent growth for the 2024-25 fiscal year.
The Manila-based multilateral bank said
inflation would continue to fall in the Asian region, approaching
pre-pandemic levels, as fuel and food prices decline. It forecasts 3.6 percent inflation this year for developing economies in Asia and 3.4 percent in 2024.
"Asia and the Pacific continue to recover from the pandemic at a steady pace," ADB Chief Economist Albert Park stated.
“Domestic demand and services activity is 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," Park added.
