Asian Development Bank Maintains India's GDP Growth Forecast at 7% for FY2024
| Aspect | Details |
|---|---|
| Date of ADB Forecast | July 17 |
| India's GDP Growth Forecast | 7% for FY2024 |
| RBI Growth Forecast | 7.2% for FY2024, revised from 7% |
| Previous Year Growth | 8.2% for FY2024 (ended March 2024) vs. 7% in FY2023 |
| FY2025 Growth Projection | 7.2% (as per ADO April 2024) |
| Inflation Forecast | 4.6% for FY2024, expected to drop to 4.5% in FY2025 |
| Agricultural Rebound | Expected due to above-normal monsoon projections |
| Sector Growth | Services and industry robust; manufacturing and construction strong |
| Export Growth | Services-led; merchandise exports weaker |
| Public Investment | Strong investment demand fueled by public investments and bank credit |
| Downside Risks | Weather events and geopolitical shocks |
| Asia Region Growth Forecast | 5% in 2024, maintained at 4.9% in 2025 |
| Asia Inflation Forecast | 2.9% in 2024, down due to China, Caucasus, and Central Asia |