The Asian Development Bank (ADB) has maintained its prediction for India’s economic growth in its latest report, expecting it to be 6.4% for the current fiscal year and 6.7% for the next. This is due to the strong domestic demand that continues to support the region’s recovery.
According to the ADB’s update to its Asian Development Outlook, inflation is also expected to decline, approaching pre-pandemic levels as fuel and food prices decrease. Developing economies in Asia are forecasted to have 3.6% inflation this year and 3.4% in 2024.
In the 2022-23 fiscal year, the Indian economy grew by 7.2%. ADB Chief Economist Albert Park stated that Asia and the Pacific are steadily recovering from the pandemic, primarily driven by domestic demand and services activity. However, industrial activity and exports remain weak, and the global growth outlook for next year has worsened.
In April, the ADB had previously projected India’s economic growth to moderate to 6.4% this financial year. This was attributed to tight monetary conditions and elevated oil prices.
The Asian Development Bank (ADB) was established on December 19, 1966, and is headquartered in Mandaluyong, Philippines. It is a regional development bank that promotes social and economic development in Asia and has 31 field offices worldwide. With 68 members, including UNESCAP and non-regional developed countries, the ADB operates similarly to the World Bank and is an official United Nations Observer. Masatsugu Asakawa currently serves as its president.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
