The Asian Development Bank (ADB) has increased its prediction for India’s GDP growth in the current fiscal year to 7%, up from 6.7%. This growth is expected to be fueled by both public and private sector investments, as well as a gradual improvement in consumer demand.
However, the forecasted growth rate for the 2024-25 fiscal year is slightly lower at 7%, compared to the 7.6% projected for 2022-23.
The ADB noted that robust investment was the main driver of GDP growth in 2022-23, as consumer spending remained subdued. In December last year, the ADB had forecasted that the Indian economy would expand by 6.7% in the 2024-25 fiscal year.
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