ADB increased India’s economic growth estimate to 7 percent. Loktej Business News
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New Delhi, April 11 (Hindustan Reporter) There is good news on the economy front. Asian Development Bank (ADB) has increased India’s economic growth rate estimates for the current financial year 2024-25. ADB has increased the earlier estimate of gross domestic product (GDP) growth from 6.7 percent to seven percent.
ADB on Thursday increased India’s GDP growth forecast for the current financial year 2024-25 to seven percent from 6.7 percent earlier. ADB said investment demand from the public and private sector will pave the way for strong growth. However, ADB’s growth estimate for fiscal year 2024-25 is lower than the estimated 7.6 percent for the previous fiscal year 2022-23.
The Asian Development Bank said strong investment would drive GDP growth in fiscal 2022-23 as consumption remained subdued. In fact, in December last year, ADB had estimated the Indian economy to grow at the rate of 6.7 percent in the financial year 2024-25.
It is noteworthy that after the review meeting of its Monetary Policy Committee (MPC) last week, the Reserve Bank of India has maintained the growth rate estimate at seven percent for the current financial year 2024-25 starting from April 1.
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