Business Standard

ADB cuts FY23 GDP forecast for India to 7% citing sluggish global demand

Earlier forecast was 7.2%; institution says high inflation is another growth hurdle, cut FY24 forecast to 7.2% from 7.8%

ADB, GoI sign $300-mn loan to improve primary healthcare in urban areas
Premium

The agency’s India forecast cut was part of a larger downgrade for Asian developing economies, amid mounting challenges that include increased monetary tightening by central banks, fallout from the protracted Russian invasion of Ukraine, and recurrent Covid-19 lockdowns in China

Arup Roychoudhury New Delhi
The Asian Development Bank (ADB) cut its fiscal year 2022-23 (FY23) gross domestic product growth forecast for India to 7 per cent from 7.2 per cent on Wednesday, citing sluggish global demand and tightening of monetary policy to manage inflationary pressures from elevated prices for oil and other commodities.

“While India’s GDP is steadily closing in on its pre-pandemic trend level, economic growth in the near term is likely to be affected by the global slowdown and high inflation,” said ADB Country Director for India Takeo Konishi. “We expect that the government’s continued efforts to improve the regulatory climate for businesses

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Sep 21 2022 | 4:11 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com