ADB retains India’s growth forecast at 7 pct

NEW DELHI, Sept. 25 (Xinhua) — The Asian Development Bank (ADB) Wednesday retained India’s growth forecast for the current fiscal at 7 percent and said that the economy is expected to accelerate in the coming quarters on improved farm output.
“The Asian Development Bank (ADB) forecasts that India’s economic growth will remain robust, with gross domestic product (GDP) expected to increase by 7.0 percent in fiscal year (FY) 2024 ending March 31, 2025, and 7.2 percent in FY 2025,” a statement issued by the ADB said.
According to ADB, these projections are part of the bank’s Asian Development Outlook (ADO) September 2024, which was released Wednesday. The forecasts are consistent with the ADO report from April.
The report highlights that an above-average monsoon in most parts of the country will lead to strong agricultural growth, enhancing the rural economy in FY 2024.
The multilateral institution projected inflation to grow faster at 4.7 percent compared with 4.6 percent in the April report. ■