The Asian Development Bank (ADB) has maintained India’s GDP growth forecast at 7 per cent for the current financial year, citing that a rebound in agriculture is expected given above-normal monsoon projections.
The ADB forecast comes a day after the International Monetary Fund revised upward its GDP growth projections for India to 7 per cent compared to 6.8 per cent projected in April.
The Indian economy is on track to grow by 7 per cent in FY2024 (ending 31 March 2025) and 7.2 per cent in FY2025, as projected in ADO April 2024, said the July edition of the Asian Development Outlook (ADO). The Indian economy logged a growth rate of 8.2 per cent for the financial year ended March 2024.