ADB forecasted India’s GDP growth rate for 2024-25 at 7%

ADB forecasted India’s GDP growth rate for 2024-25 at 7%

ADB projected retail inflation in 2024-25 at 4.6% and expected food inflation at 5.7%

The Asian Development Bank estimated India’s Gross Domestic Product growth rate for 2024-25 at 7% and India’s economy is going to be robust as per the previous two years’ trend, according to the ADB.

Although this financial year’s GDP growth forecast by ADB is a little slower than last year’s GDP growth which was 7.6%.  According to the ADB, the GDP growth rate for 2025-26 would show improvement as predicted to 7.2%.

According to the ADB, South Asia is going to witness GDP growth of 6.3% in 2024-25 and 6.6% in 2025-26.

The Current Account Deficit for this financial year and next year is going to be moderated to 1.7% of GDP, as per the ADB report.

Inflation forecast:

According to the Asian Development Bank’s Asia Development Outlook Report, the retail inflation for this financial year is expected at 4.6%, showing an ease, and the food inflation for this financial year is predicted to drop to 5.7%. This ease in food inflation is majorly due to farm output which returns to normal trend.

Optimism:

The monsoon this year is projected to be normal and will help improve rural consumption. If we talk about last year, the country faced erratic rainfall and due to this condition the farm sector was majorly affected and this led to greater demand for work under MGNREGA.

Continued investment growth and rising trend of consumption growth are the two factors which majorly contribute to the remaining strong growth in the economy.

India accounts for around 80% of the GDP of South Asia. India remains the fastest growing economy in South Asia.

Conclusion:

The public and private sector investment demand, higher consumption growth, higher consumer confidence, high consumer demand are some major factors behind the robust growth of India.

Important Questions:

• The Asian Development Bank has projected India’s GDP growth in 2024-25 at what percent?
• What are some factors behind India’s robust growth?

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