ADB Maintains India's Growth Forecast at 7%
The Asian Development Bank (ADB) has retained its growth forecast for India at 7% for the fiscal year 2024-25. The bank stated that better agricultural production and increased government spending will boost economic activities.
In its September Asian Development Outlook report, the ADB mentioned that India's growth projection for the current fiscal year is expected to be higher than earlier estimates, driven primarily by a significant contribution from the services sector. However, export growth is expected to remain slow during this period.
For the fiscal year 2025-26, ADB has projected a growth rate of 7.2%. This aligns with the forecast made in April 2024, where it was stated that the Indian economy grew at 8.2% in the previous fiscal year (2023-24).
India to be the Fastest-Growing Economy Until 2030
New Delhi, PTI: According to global brokerage firm Goldman Sachs, India is expected to be one of the fastest-growing economies in the world until 2030, driven by strong GDP growth and positive investment sentiment.
The firm mentioned that India has achieved economic stability over the past few years and has emerged as a favourable destination amid global uncertainties. In the last five years, India's overall income growth and market cap have registered a compound annual growth rate (CAGR) of 18%.
Key Highlights:
- Strong Growth Forecast: ADB expects India to maintain a 7% growth rate for FY 2024-25 and 7.2% for FY 2025-26.
- Positive Economic Activities: Enhanced agricultural output and increased government expenditure are expected to drive growth.
- Robust Services Sector Contribution: The services sector is projected to play a significant role in boosting growth.
- Global Recognition: Goldman Sachs has recognized India as one of the fastest-growing economies, attributing the growth to stable GDP and positive investment climate.
This continued growth and stability have positioned India as a key player in the global economic landscape, with expectations of sustained growth over the next decade.
