ADB retains India’s growth forecast at 7.3% for FY19

18-December-2018

Asian Development Bank has retained its India’s growth forecast at 7.3 per cent for the current fiscal and 7.6 per cent in the following financial year. India is maintaining growth momentum on rebounding exports and higher industrial and agricultural output, ADB said today in its Asian Development Bank Outlook Supplement.

“India saw GDP growth moderate to 7.1 per cent in Q2 of FY2018 (ending March 31, 2019) from 8.2 per cent in Q1,” ADB said.

The slowdown came mainly from food prices, lower rural consumption, rising oil prices delivering a negative shock in terms of trade, and rising costs for raw materials.

“Nonetheless, growth forecasts of 7.3 per cent for 2018-19 and 7.6 per cent for 2019-20 are retained from the update despite some downside risks,” ADB said in the supplement.

Source: PTI