ADB raises India FY24 growth forecast to 6.7%, cites industry performance.
Banking & Finance
The lender ADB revised its estimate based on India’s higher-than-expected gross domestic product (GDP) growth, of 7.6 per cent, in the second quarter of FY24. 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. India’s economy would grow 6.7 percent in Financial Year 2023-24 (FY24), raising the estimate from 6.3 percent it made in September.
About (ADB)Asian Development Bank:
President: Masatsugu Asakawa (from 17 January 2020)
Founded: 19 December 1966
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