Categories: Economy

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

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.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

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.

Find More News on Economy Here

Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.