The Manila-based Asian Development Bank kept its economic growth outlook for India unchanged at seven percent for the fiscal 2022-23. The bank also forecasted a weaker-than-previously expected pace for developing Asia. The seven percent growth projection for fiscal 2022-23, unchanged from its September forecast, against 8.7 percent GDP growth in the previous fiscal.
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For the next fiscal year, FY 23-24, the GDP growth has been kept unchanged at 7.2 percent, “sustained by positive effects from structural reform and from public investment catalysing private investment”.
The Manila-based bank’s report sees Asia expanding 4.2 percent this year and accelerating to 4.6 percent in 2023. The previously estimated expansion stood at 4.3 percent and 4.9 percent, respectively.
“While some recent high-frequency indicators are more favourable than expected — notably consumer confidence, electricity supply and purchasing managers’ indexes — others are a little less favourable, in particular exports, largely textiles and iron ore, and the index of industrial production of consumer goods,” the report said.
The report said that inflation in the country is still expected to rise to 6.7 percent in 2022-23 before falling back to 5.8 percent.
The Asian Development Bank is a regional development bank (ADB) established on 19th December 1966. It is headquartered in Manila, Philippines.
It was formed as a result of a resolution passed at the first Ministerial Conference on Asian Economic Cooperation held by the United Nations Economic Commission for Asia and the Far East (ESCAFE) in 1963.
ADB is contributing to India’s fast, green and inclusive recovery from Covid 19, with investments in infrastructure, small enterprise development and social sector.
Some of the projects assisted by ADB include:
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