ADB keeps India's GDP growth unchanged at 7%

New Delhi, December 14

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The Asian Development Bank (ADB) has kept its outlook for India’s economic growth unchanged at 7 per cent for the current fiscal year while forecasting a weaker-than-previously expected pace for developing Asia.

The ADB’s 7 per cent growth projection for fiscal 2022-23 (April 2022 to March 2023), unchanged from its September forecast, compares to 8.7 per cent GDP growth in 2021-22.

For 2023-24, the GDP growth has been kept unchanged at 7.2 per cent.

The Manila-based ADB in a report on Wednesday saw Asia expanding 4.2 per cent this year before accelerating to 4.6 per cent in 2023. These projections compare to the previously estimated expansion of 4.3 per cent and 4.9 per cent, respectively.

“Despite recent global headwinds, the Indian economy is expected to grow by 7 per cent, as projected in the Update, supported by a strong domestic base,” it said.

The growth forecast for 2023-34 is unchanged at 7.2 per cent, “sustained by positive effects from structural reform and from public investment catalysing private investment”.