NEW DELHI, Dec 12: Asian Development Bank Wednesday said it has retained its India growth forecast at 7.3 per cent for 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 in its Asian Development Bank Outlook Supplement.
“India saw GDP growth moderate to 7.1 per cent in Q2 of FY2018 (ending 31 March 2019) from 8.2 per cent in Q1, for 7.6 per cent growth in the first half,” ADB said.
The slowdown came mainly from weak food prices, dampening rural consumption, higher oil prices delivering a negative shock in the 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. (PTI)
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