Asian Development Bank (ADB) has increased India’s GDP growth estimate for the current financial year from 6.7 percent to 7 percent. In its April edition report, the Asian Development Bank said that the economy remains strong due to continued strong investment from the government and private sector. Besides, the situation of consumer demand is also good. Let us tell you, the GDP growth rate for the financial year 2023-24 has been set at 7.6 percent by ADB.
economy strong
In its note issued by ADB, it was said that the Indian economy remained very strong in the financial year 2022-23. This may continue in the coming financial year. The economy is getting the most support from the manufacturing and services sector. Consumption is also increasing along with demand and GDP growth rate is getting strengthened due to reduction in inflation.
The report further said that India’s GDP growth may remain at 7.2 percent in the financial year 2025-26. However, due to recession in other major economies of the world, exports may remain normal. However, this may improve in the coming time.
RBI’s GDP growth estimate
The growth rate estimate released by ADB for the current financial year is equal to the estimate released by RBI. The central bank has estimated GDP growth of 7 percent for the financial year 2024-25. The reason for the strengthening of GDP by RBI is the normal monsoon this year along with the boom in manufacturing and service sectors, due to which the economy will continue to grow.
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