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ADB Projects India’s economy to grow by 7.5% in FY23

India's Economy: ADB Projects India's economy to grow by 7.5% in FY23_4.1

Asian Development Bank projected a 7 per cent collective growth for South Asian economies in 2022 with the subregion’s largest economy India growing by 7.5 per cent in the current fiscal year before picking up to eight per cent the next year. However, uncertainties stemming from the Russian invasion of Ukraine, the continuing coronavirus disease (COVID-19) pandemic, and tightening by the United States Federal Reserve pose risks to the outlook.

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The Manila-based multilateral funding agency, Asian Development Bank (ADB) has projected the GDP growth rate of the Indian economy, in its flagship Asian Development Outlook (ADO) 2022, as follows:

  • 2022-23 (FY23): 7.5 per cent
  • 2023-24 (FY24): 8.0 per cent

Important takeaways for all competitive exams:

  • Asian Development Bank Headquarters: Mandaluyong, Philippines;
  • Asian Development Bank President: Masatsugu Asakawa (from 17 January 2020);
  • Asian Development Bank Membership: 68 countries;
  • Asian Development Bank Founded: 19 December 1966.

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