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India to grow at 7.5% in current fiscal: ADB

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New Delhi, April 6

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India is likely to maintain its position as the fastest-growing major economy with the ADB outlook projecting a growth rate of 7.5% for 2022-23 on strong investment prospects against 5% for China in January-December 2022.

The Asian Development Bank Outlook 2022 said India’s growth in the next fiscal year 2023-24 will accelerate further to 8%, though China will witness a deceleration in growth to 4.8% in 2023.

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The ADB, however, flagged inflation as a major issue mainly on account of a rise in prices of commodities in wake of the ongoing Russia-Ukraine war. “Economies in developing Asia are starting to find their footing as they slowly emerge from the worst of the Covid pandemic,” ADB Chief Economist Albert Park said. —

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