The country’s economic growth rate will be 7 percent
Business Business: Now the Asian Development Bank (ADB) has published an estimate of the country’s economy. The Asian Development Bank has left India’s growth forecast for 2024-25 unchanged at 7 percent. The Asian Development Bank said it expects agricultural production to improve in the coming quarters and government spending to increase to boost the economy.
In its Asian Development Outlook (ADO) in September, the Asian Development Bank said exports are expected to exceed previous expectations in the financial year 2024-25 due to an increase in service exports. However, growth in goods exports is likely to remain relatively moderate in the upcoming financial year 2025/26.
The Asian Development Bank said GDP growth is expected to reach 7 percent in the financial year 2024-25 (ending March 31, 2025) and 7.2 percent in the financial year 2025-26. Both forecasts are the same as of April 2024. Moreover, India’s growth prospects remain good. In the last financial year 2023-2024, India’s economy recorded a growth rate of 8.2 percent. Let us tell you that the central bank has projected the growth rate to be 7.2 percent for the current financial year.
According to the report, gross domestic product (GDP) growth slowed to 6.7 percent in the first quarter (April-June) of the current financial year, but it was supported by improvements in the agricultural sector and overall strong performance in industry and services. This is said due to perspective. A boom is expected in the next quarter.
Indian Asian Development Bank Director Mayo Oka said, India’s economy has shown remarkable resilience in the face of global geopolitical challenges and is poised for sustained growth. He said that agricultural reforms led to an increase in local spending, which is in line with the impact of strong performance in the industrial and services sectors. The report said that above-average monsoon in most parts of the country will lead to strong growth in the agricultural sector and boost the rural economy in 2024-25.
The report also expects consumer spending to improve. This is mainly due to rural demand driven by strong agriculture and robust urban demand. Although the outlook for private investment is positive, the previously high growth in public investment expenditure is expected to slow next year.
