Mumbai: The Asian Development Bank (ADB) lowered the economic growth rate of India. ADB lowered the rate to 6.4% in the current financial year. ADB said that tight monetary conditions and rising crude oil prices are the main reason for this.
Meanwhile, ADB expects the India’s economic growth to accelerate to 6.7% in FY25. According to ADB, India’s contribution to developing Asia’s growth is expected to rise to 27% by 2024-25 from an estimated 25% in 2023-24.
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The projections are part of the latest edition of ADB’s economic publication, Asian Development Outlook (ADO) April 2023.
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