The projections of various international agencies regarding India's economic growth rate are continuously improving. Now in this series, Asian Development Bank i.e. ADB has increased the estimate of India's economic growth. Now ADB feels that India's economy can grow at the rate of 6.7 percent in the current financial year.
Growth was better in September
Asian Development Bank has predicted India's economic growth. There was a latest change in the rate estimate on Wednesday. About 3 months ago, ADB had estimated that India's economic growth rate could be 6.3 percent in the current financial year. ADB has made this change after the economic growth rate in the September quarter was better than earlier estimates.
According to official data, India's economic growth rate in the September quarter was 7.6 percent, which was almost all estimates. It was better. India's economic growth rate in the first six months of the current financial year has been 7.7 percent.
Reserve Bank's new estimate
Before this, many other agencies have updated their estimates regarding India's economy. Have changed. After the meeting of the Monetary Policy Committee held this month, the Reserve Bank increased the growth rate estimate for the current financial year from 6.5 percent to 7 percent. Similarly, Nomura increased its estimate from 5.9 percent to 6.7 percent. Citigroup had earlier given an estimate of 6.2 percent, which it later increased to 6.7 percent. At the same time, DBS increased the estimate from 6.4 percent to 6.8 percent.
Estimation for China also increased
ADB released its new report on the outlook of Developing Asia on Wednesday. In this report, the agency has given information about its latest estimates regarding the economies. Even though ADB has increased India's economic growth rate estimate for the current financial year, it has kept the estimate stable at 6.7 percent for the next financial year i.e. 2024-25. ADB has increased its estimate for China, Asia's largest and the world's second largest economy, from 4.9 percent to 5.2 percent.
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