India is likely to maintain its position as the fastest-growing major economy with the ADB outlook projecting a growth rate of 7.5% for 2022-23 on strong investment prospects against 5% for China in January-December 2022. The Asian Development Bank Outlook 2022 said India’s growth in the next fiscal year 2023-24 will accelerate further to 8%, though China will witness a deceleration in growth to 4.8% in 2023. The ADB, however, flagged inflation as a major issue mainly on account of a rise in prices of commodities in wake of the ongoing Russia-Ukraine war. “Economies in developing Asia are starting to find their footing as they slowly emerge from the worst of the Covid pandemic,” ADB Chief Economist Albert Park said.
India to grow at 7.5% in current fiscal: ADB
