India’s GDP Maintains Steady Growth at 6.4% for the Current Fiscal, says Asian Development Bank

gdp

The Asian Development Bank (ADB) maintained its prediction for India’s economic growth at 6.4% for the current fiscal year and 6.7% for the following fiscal year. It gave domestic demand credit for continuing to boost the recovery in the area.

According to ADB’s forecast, as fuel and food costs fall, inflation would reduce and eventually reach pre-pandemic levels. Inflation in Asia’s emerging nations was predicted to be 3.6% in 2019 and 3.4% in 2024.

This comes after the Monetary Policy Committee of the Reserve Bank of India forecast 6.5% GDP growth for the years 2023–2024. Real GDP growth during the 2022–23 fiscal year, which concluded in March 2023, was 7.2%.

gdp

Fitch Ratings has increased its prediction for India’s economic growth to 6.3% for the current fiscal year 2023–2024 from its earlier prediction of 6%. India’s GDP growth was predicted by the World Bank to increase by 6.3% in FY24.

In addition, the ADB’s projection indicated that when fuel and food costs fall, inflation will begin to reduce and eventually reach pre-pandemic levels. Inflation in Asia’s emerging nations was predicted to be 3.6% in 2019 and 3.4% in 2024.

Popular Post- HDFC Bank Joins $100-Billion Market-Cap Club, Overtaking Morgan Stanley and Bank of China.

Due to tight monetary circumstances and high oil prices, ADB predicted in April that India’s economic growth would decelerate to 6.4% in the current fiscal year.

China’s growth is predicted to reach 5% this year and 4.5% the following. The ADB reported that growth in Southeast Asia is now anticipated to be 4.6% this year and 4.9% next year, down from 4.7% and 5% earlier.

The predicted growth rates for emerging Asia are 4.8% this year and 4.7% the next year. Japan, Australia, and New Zealand are not included in the 46 economies that make up developing Asia in the Asia-Pacific.

Leave a Reply

Your email address will not be published. Required fields are marked *