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ADB raises India’s GDP growth forecast for FY25 to 7% from 6.7% earlier | Economy & Policy News
11Apr By adminNo Comments
Business

ADB raises India’s GDP growth forecast for FY25 to 7% from 6.7% earlier | Economy & Policy News

2 min read Last Updated : Apr 11 2024 | 7:46 AM IST The Asian Development Bank (ADB) on Thursday raised India's GDP growth forecast for the current fiscal to 7 per cent from 6.7 per cent earlier, saying the robust growth will be driven by public and private sector investment demand and gradual improvement in consumer demand.   The 2024-25 growth estimate is, however, lower than 7.6 per cent projected for the 2022-23 fiscal. Strong investment drove GDP growth in the 2022-23 fiscal as consumption was muted, the ADB said.   The ADB had in December last year projected the Indian economy to expand 6.7 per cent in the 2024-25 fiscal.   "The economy grew robustly in fiscal 2023 with strong momentum in manufacturing and services. It will continue to g...
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ADB Raises India’s GDP Growth Projection to 6.7% for 2023-24 Vs 6.3% Earlier
31Dec By adminNo Comments
Business

ADB Raises India’s GDP Growth Projection to 6.7% for 2023-24 Vs 6.3% Earlier

ADB Raises India's Growth Projection to 6.7% for 2023-24 Vs 6.3% Earlier.The second quarter of FY24 saw higher-than-expected GDP growth of 7.6 per cent, causing growth in the first half (April-September) to expand by a strong 7.7 per centThe Asian Development Bank (ADB) has raised India’s growth forecast to 6.7 per cent for the current financial year 2023-24 from its earlier projection of 6.3 per cent on account of higher-than-expected second-quarter numbers, according to the ‘Asian Development Outlook December 2023’ released on Wednesday.The second quarter of FY24 saw higher-than-expected GDP growth of 7.6 per cent, causing growth in the first half (April-September) to expand by a strong 7.7 per cent.The ADB said economic data also indicate that the industrial sector in particular, inclu...
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USD 175 million loan agreement signed with ADB to improve Madhya Pradesh roads
6Dec By adminNo Comments
Business

USD 175 million loan agreement signed with ADB to improve Madhya Pradesh roads

NEW DELHI: The central government and the Asian Development Bank (ADB) signed a USD 175 million loan to improve the connectivity and resilience of roads in Madhya Pradesh.The signatories to the loan agreement were Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, in the Ministry of Finance, for the Government of India, and Takeo Konishi, Country Director of ADB's India Resident Mission, for ADB.After signing the loan agreement on Tuesday, Mukherjee stated that this project will enhance connectivity in the state road network across 14 districts in Madhya Pradesh."Since 2002, ADB has supported road development in Madhya Pradesh upgrading more than 9,000 kilometers of state highways and major district roads. This project continues these efforts and will connect rural areas to ...
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ADB lowers FY24 GDP forecast to 6.3%, India Ratings raises it to 6.2%
20Sep By adminNo Comments
Business

ADB lowers FY24 GDP forecast to 6.3%, India Ratings raises it to 6.2%

The Asian Development Bank (ADB) on Wednesday revised India's growth forecast for FY24 to 6.3 per cent, a change of 10 basis points, attributing it to erratic monsoon patterns that are likely to affect agricultural output. Meanwhile, India Ratings and Research has increased its FY24 growth estimate for India to 6.2 per cent, up by 30 basis points, citing factors such as sustained government capital expenditure (capex), deleveraged corporate and banking balance sheets, and the likelihood of subdued global commodity prices. ADB's latest Asian Development Outlook highlighted that strong private consumption and upticks in both public and private investment are expected to support India's economic growth. The organisation has maintained its growth projection for FY25 at 6.7 ...
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