Manila: The Asian Development Bank (ADB) has raised India’s growth forecast to 6.7% for the current financial year 2023-24. ADB earlier has predicted India’s GDP to grow at 6.3%. The ‘Asian Development Outlook December 2023’ released by ADB revealed this.
‘Economic data also indicate the industrial sector in particular, including manufacturing, mining, construction, and utilities, grew by double digits. For FY2024 as a whole, agriculture is expected to grow slightly slower than expected, but this will be more than offset by industry’s much stronger-than-expected growth, hence the upward revision,’ it said in the report.
Also Read: India’s net direct tax collection surges to Rs 10.64 lakh crore in April- November
ADB’s growth forecast for FY25 is unchanged at 6.7%. The report said India’s growth also accelerated to 7.1% in the first three quarters of the calendar year, driven by strong industrial production and investment. With regard to inflation, the report retained it at 5.5% for the current financial year.
Last week, the Reserve Bank also increased its growth estimate for FY24 to 7% from its earlier projection of 6.5%. The RBI has also retained its inflation forecast at 5.4% for FY24.
Post Your Comments