
ADB (Asian Development Bank) has reduced India's GDP growth forecast for the financial year 2022-23 from 7.2 percent to seven percent. The Asian Development Bank has blamed higher-than-expected inflation for this. India's economy grew at a rate of 13.5% in the first quarter of the financial year 2022-23, compared to the same period last year, ADB said in a supplement to its flagship ADO report released on Wednesday.
ADB said in the report that GDP growth has been reduced from ADO 2022 forecast to 7 percent for FY 2022 (years ending March 2023) and 7.2 percent for FY 2023 (years ending March 2024). This has been revised upwards as a result of fears of an adverse impact on domestic consumption from price pressures and sluggish global demand. Along with this, higher oil prices are also likely to put pressure on net exports.
According to the ADO report, during this period, China's economy will expand at a rate of 3.3 percent in 2022 instead of the earlier forecast of 5 percent. The report said that the lockdown due to the strategy of zero Kovid, problems in the property sector, and weak external demand are impacting economic activity in China.
Also Read: SBI: Big relief for SBI customers, bank waives SMS charges on mobile fund transfer
IPL 2023 (IPL 2023) is going to start on March 31, for which all the franchises have started prep
West Asia Crisis: America orders its citizens to immediately leave these countries; issues warning
Following the Israeli and US attacks and Iran's retaliatory strikes, tensions are rising across W
PAK vs SL Pitch Report CWC 2023: Forgetting the crushing defeat against South Africa, Sri Lanka w
Jawan Netflix: Fans got a gift on Shahrukh Khan's birthday, Jawan was released on OTT
Jawan OTT Release On Shah Rukh Khan's Birthday: This year's best film 'Jawan' of Bollywood mega s
IPL 2025: BCCI's big decision amid India-Pakistan tension, IPL 2025 season postponed indefinitely
The Board of Control for Cricket in India (BCCI) has taken a big decision on Friday amid the ongo
The Delhi BJP has described Arvind Kejriwal as a leader doing an 'advertisement scam' with public
More than 50 crore people have already taken baths in Maha Kumbh, but there is no sign of any kin
Indian all-rounder Hardik Pandya unleashed a powerful performance in the 5th T20 match against So
Rain Updates: Flood and rain havoc in eight states, 44 deaths in 24 hours, 39 NDRF teams deployed
Torrential rains and floods have caused massive devastation in seven states of North India and th
Nitesh Tiwari, who is known for making films like Dangal and Chhichhore, is directing a mythologi