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Asian Development Bank maintains India’s growth estimate at 6.4% for the current fiscal year

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The Asian Development Bank also said inflation should continue to decline, approaching pre-pandemic levels, as food and fuel prices fall. For developing economies in Asia, the AfDB forecasts inflation of 3.6% this year and 3.4% in 2024.

The Asian Development Bank has put India’s economic growth estimate at 6.4% for the current fiscal year and 6.7% for the next fiscal year. He said robust domestic demand will continue to support recovery in the region

The AfDB also said inflation should continue to decline, approaching pre-pandemic levels, as food and fuel prices fall. For developing economies in Asia, the AfDB forecasts inflation of 3.6% this year and 3.4% in 2024.

India’s economy grew by 7.2% in FY23. AfDB Chief Economist Albert Park said Asia and the Pacific continued to recover from the COVID-19 pandemic. 19 at a brisk pace.

“Domestic demand and services activity are driving growth, while many economies are also benefiting from a strong recovery in tourism. However, industrial activity and exports remain weak, and the outlook for global growth and demand for next year have deteriorated,” added Park.

In April, the AfDB had forecast India’s economic growth to moderate to 6.4% in the current fiscal year due to tight monetary conditions and high oil prices.

With PTI inputs

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