Asian Development Bank cuts India’s GDP forecast to 7% for FY23

Asian Development Bank cuts India’s GDP forecast to 7% for FY23: India’s projected economic growth for 2022–2023 has been reduced by the Asian Development Bank (ADB) from 7.2% to 7.0%, citing higher than anticipated inflation and monetary tightening.

ADB cuts India’s GDP forecast to 7% for FY23: Key Points

• The Asian Development Bank (ADB) reduced its estimate for India’s economic growth between 2022 and 2023 from 7.5% in April to 7%, calling the change a “moderate downward revision” brought on by higher-than-expected inflation and monetary tightening.
• In the first quarter of 2022–2023, India’s economy expanded by 13.5% year over year, driven mostly by robust expansion in services.
• ADO 2022’s predictions for GDP growth are revised down to 7.0% for FY2022 (ending in March 2023) and 7.2% for FY2023 (ending in March 2024). This is because price pressures are expected to have a negative impact on domestic consumption, while weak global demand and high oil prices are expected to have a negative impact on net exports.
• In contrast to the earlier projection of 5% growth, the ADO predicts that the Chinese economy will rise by 3.3% in 2022. Lockdowns from the zero-COVID strategy, issues in the real estate market, and decreased foreign demand are still having an impact on China’s economic activities.

Asian Development Bank (ADB)

• The Asian Development Bank (ADB) is an organization that offers loans and equity investments for development projects in its member countries.
• The bank also encourages capital investment for development and offers technical assistance for projects and initiatives. Along with the efforts to eradicate poverty.
• It has India as one of its founding members.
• Masatsugu Asakawa is the President and Chairperson of the Board of Directors of the Asian Development Bank (ADB).
• ADB’s five largest shareholders are Japan, the United States, the People’s Republic of China, India, and Australia.
• Its headquarters are in Manila, Philippines and it was founded in August 1966 under the sponsorship of the United Nations agency that is now known as ESCAP (Economic and Social Commission for Asia and the Pacific).
• Takeshi Watanabe was its first President.

Asian Development Bank cuts India’s GDP forecast to 7% for FY23 Check detail in Hindi

India and Asian Development Bank initiatives

• In order to strengthen water supply and sanitation services in the state of Himachal Pradesh, the Asian Development Bank (ADB) and the Government of India signed a credit arrangement worth USD 96.3 million.
• The Asian Development Bank (ADB) has launched its 10-year masala bonds for Rs 850 crore on India INX’s global debt listing platform.
• A Conceptual Development Plan for the Vizag-Chennai Industrial Corridor had been produced by the Asian Development Bank.
• ADB and India have agreed on a $206 million loan to improve urban services in five Tamil Nadu cities.