The Asian Development Bank (ADB) has kept India's economic growth forecast for 2022-23 unchanged at seven percent. However, it has been told from his side that during this period the pace of growth of Asia may weaken to some extent as compared to earlier.
The ADB has projected India's economic growth to be seven percent for 2022-23 (April 2022 to March 2023), in September also a seven percent growth was predicted by ADB. No change has been made to this. Although the country's GDP (Gross Domestic Product) growth in 2021-22 was 8.7 percent.
It has also kept the GDP growth forecast unchanged at 7.2 percent for the financial year 2023-2024. ADB said in its report on Wednesday that Asia will grow at a rate of 4.2 percent this year, and it is expected to grow at a rate of 4.6 percent in 2023. However, earlier it had projected Asia's growth rate to be 4.3 percent this year and 4.9 percent in 2023.
The report said, "Despite headwinds globally, the Indian economy is projected to grow at 7 percent on strong domestic fundamentals." Consumer confidence, power supply, and PMI are more favorable than expected, while some of the indicators that are not entirely favorable are exports, especially of textiles and iron ore, and the index of industrial production of consumer products.
It said that the reason for retaining the growth forecast of 7.2 percent for 2023-24 is the positive effects of structural reforms and public investment catalyzing private investment. The economy grew at a rate of 6.3 percent between 2009-10 to September), indicating a contraction of 4.4 percent in public consumption. While exports grew at a rate of 11.5 percent despite a global slowdown.
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