Mumbai: The Asian Development Bank (ADB) retained India’s economic growth forecast at 6.4%for the current financial year. It also kept unchanged the economic growth forecast for next financial years at 6.7%. The Asian Development Outlook released by ADB revealed this.
As per the data, the inflation is expected to continue to fall, approaching pre-pandemic levels as fuel and food prices decline. It forecast 3.6% inflation this year for developing economies in Asia, and 3.4% in 2024.
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In April, the ADB had projected that India’s economic growth is expected to moderate to 6.4%t in the current financial year due to tight monetary conditions and elevated oil prices. The Indian economy grew 7.2 per cent in the 2022-23 fiscal ended March 2023.
Earlier the Reserve Bank of India’s Monetary Policy Committee projected GDP growth of 2023-24 at 6.5%. Recently, Fitch Ratings raised its forecast for India’s economic growth to 6.3% for current fiscal year 2023-24 from 6% it had predicted previously. Meanwhile, the World Bank had also pegged India’s GDP growth forecast to 6.3% in FY24.
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