Updated By: LatestGKGS Desk
ADB retains India FY19 growth forecast at 7.3% despite downside risks
ADB retains India FY19 growth forecast at 7.3% despite downside risks: Details, Highlights
Asian Development Bank (ADB) in its Outlook Supplement has retained India’s growth forecast at 7.3% for current fiscal (2018-19) and 7.6% in the following financial year (2019-20).
ADB Outlook Supplement also stated that India is maintaining growth momentum on rebounding exports and higher industrial and agricultural output.
India saw GDP growth moderate to 7.1% in Q2 of FY2018 (ending March 31, 2019) from 8.2%in Q1. The slowdown came mainly from food prices, rising oil prices delivering a negative shock in terms of trade, lower rural consumption, and rising costs for raw materials. But growth forecasts of 7.3% for 2018-19 and 7.6% for 2019-20 are retained from update despite some downside risks.
About Asian Development Bank (ADB)
ADB is a regional development bank based out of Asia. It aims to promote social and economic development in Asia by achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. It was established in December 1966.
ADB is headquartered at Ortigas Centre in Manila, Philippines. It has a total of 67 members, of which 48 are from within Asia and the Pacific and 19 outside.
