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Asian Development Bank (ADB) has cut India's economic growth forecast for 2022-23 from 7.2% to what percentage?

Correct Answer : Option (A) - 7%

The Asian Development Bank (ADB) cut its fiscal year 2022-23 (FY23) gross domestic product growth forecast for India to "7%(7 per cent)" from "7.2%(7.2 per cent)" on Wednesday(21st Sep 2022), citing sluggish global demand and tightening of monetary policy to manage inflationary pressures from elevated prices for oil and other commodities.
“While India’s GDP is steadily closing in on its pre-pandemic trend level, economic growth in the near term is likely to be affected by the global slowdown and high inflation,” said ADB Country Director for India "Takeo Konishi".

“We expect that the government’s continued efforts to improve the regulatory climate for businesses and infrastructure will boost investment and create more jobs in the medium term,” he said.
The multilateral institution also cut its FY24 forecast to 7.2 per cent from 7.8 per cent.
In a statement, the agency said that retail inflation is forecast to remain elevated over the next two years, averaging 6.7 per cent in FY23 before moderating to 5.8 per cent in FY24. “Inflationary pressures will crimp private consumption. However, subsidised fertilisers and gas, free food distribution, and excise duty cuts will help offset some of the impacts of high inflation on consumers.”..

Source : Business Standard

Published On : September 22, 2022
Category : Indian Economy