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.