New Delhi, Dec 13: The Asian Development Bank (ADB) in its report has downgraded the Gross
Domestic Product (GDP) growth of for India to 6 point 7 per cent in 2017 and
7.3 per cent in 2018.
In its report, released in Manila on Webnesday, ADB said,
“Although the strong manufacturing expansion helped the Indian economy reverse
5 consecutive quarters of deceleration in the second quarter of fiscal year
2017, the recovery is more subdued than assumed earlier due to rising crude oil
prices, soft private investment growth, and weather-related risks to
agriculture.”
In its earlier report ADB had forecasted the growth rate of 7 per cent for the year 2017 and 7.4 per cent for the year 2018.
ADB said that the growth in FY2017 (ending 31 March 2018) is expected to be lower than forecast in the Asian Development Outlook 2017 as a new tax regime poses transitory challenges to firms and as investment by state governments and private investors remain muted.
According to ADB, a pickup is envisaged in FY2018, aided by restructured bank balance sheets and efficiency gains from the new tax regime, but growth will again fall short of the April forecast. Stronger agriculture will ease inflation by more than expected in FY2017 and FY2108. Current account projections are unchanged. Read more from Asian Development.
The Bank forecasts that economic expansion in developing Asia will accelerate to 6 per cent in 2017 as stronger than expected exports and domestic consumption fuel growth. Excluding Asia’s newly industrialized economies, growth is now expected at 6.5 per cent this year.
In a supplement to its Asian Development Outlook Update 2017 report, ADB upgrades its 2017 growth domestic product (GDP) outlook in the region by 0.1 percentage points compared to its September 2017 forecast, while its 2018 forecast remains unchanged at 5.8 per cent. An unexpectedly strong expansion in Central, East, and Southeast Asia has offset a downward adjustment in South Asia. UNI
In its earlier report ADB had forecasted the growth rate of 7 per cent for the year 2017 and 7.4 per cent for the year 2018.
ADB said that the growth in FY2017 (ending 31 March 2018) is expected to be lower than forecast in the Asian Development Outlook 2017 as a new tax regime poses transitory challenges to firms and as investment by state governments and private investors remain muted.
According to ADB, a pickup is envisaged in FY2018, aided by restructured bank balance sheets and efficiency gains from the new tax regime, but growth will again fall short of the April forecast. Stronger agriculture will ease inflation by more than expected in FY2017 and FY2108. Current account projections are unchanged. Read more from Asian Development.
The Bank forecasts that economic expansion in developing Asia will accelerate to 6 per cent in 2017 as stronger than expected exports and domestic consumption fuel growth. Excluding Asia’s newly industrialized economies, growth is now expected at 6.5 per cent this year.
In a supplement to its Asian Development Outlook Update 2017 report, ADB upgrades its 2017 growth domestic product (GDP) outlook in the region by 0.1 percentage points compared to its September 2017 forecast, while its 2018 forecast remains unchanged at 5.8 per cent. An unexpectedly strong expansion in Central, East, and Southeast Asia has offset a downward adjustment in South Asia. UNI
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