ADB pegged India’s growth forecast at 7% for the current financial year

New Delhi: The Asian Development Bank (ADB) has retained India’s gross domestic product (GDP) growth forecast at 7 per cent for the current financial year 2024-25. It has also said that the agriculture sector is expected to improve in view of the better-than-normal monsoon projections.

ADB’s estimate comes at a time when the International Monetary Fund (IMF) has revised its GDP growth forecast for India to 7 per cent. The IMF had projected it to be 6.8 per cent in April.

The Reserve Bank of India had last month raised its growth forecast to 7.2 per cent from 7 per cent.

The IMF had projected it to be 6.8 per cent in April. The Reserve Bank of India had last month raised its growth forecast to 7.2 per cent from 7 per cent. According to the July edition of the Asian Development Outlook (ADO), the Indian economy will grow at 7 per cent in the financial year 2024-25 (ending March 31, 2025).

It is on track to grow at 7.2 per cent in 2025-26, as projected by the ADO in April 2024. The Indian economy registered a growth rate of 8.2 per cent in the financial year ended March 31, 2024, as against 7 per cent in the previous financial year 2022-23.