Cites weak exports and erratic rains: expects rising private investment and industrial output to help economy grow 6.7% next year
Banking & Finance
The Asian Development Bank (ADB) on September 20 pared its growth forecast for India’s economy to 6.3% for this year, from 6.4% estimated earlier, citing the impact of falling exports and erratic rainfall patterns that could hit farm output. The Bank’s economists also raised their inflation forecast for the year to 5.5% from 5% estimated in April and retained their real GDP growth projection for 2024-25 at 6.7%, influenced by expectations that private investment and industrial output will rise. The April Asian Development Outlook had projected a GDP growth of 6.4% for India for FY2023. The forecast is retained at 6.7% for FY2024, when rising private investment and industrial output are expected to drive growth.
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