ADB ups FY25 GDP growth forecast to 7%

THE ASIAN DEVELOPMENT Bank (ADB) has upgraded India's gross domestic product (GDP) growth projections for 2024-25 from 6.7% to 7% and forecast 7.2% growth for 202526, citing robust public and private investment and strong services sector.

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ADB also revised its projection for FY24 from 6.7% to 7.6%, the same as estimated by the National Statistical Office.

Last week, the World Bank revised its GDP projection for India upwards by 20 basis points to 6.6% for FY25.

The World Bank has, however, pegged India's FY24 growth rate at 7.5%.

While India is expected to remain a major growth engine in Asia and the Pacific, China's growth is forecast to slow to 4.8% in 2024 and 4.5% in 2025, from 5.2% last year, ADB said in its Asian Development Outlook (ADO), April 2024.