After a slew of upgrades in growth projection, the Asian Development Bank (ADB) on Thursday raised India's gross domestic product (GDP) growth forecast for fiscal year (FY) 2024 from 6.7 percent to 7 percent and 7.2 percent in FY2025, attributing the robust growth to public and private sector investment demand, gradual improvement in consumer demand and strong services sector.
The 2024-25 growth estimate is, however, lower than 7.6 per cent projected for the 2022-23 fiscal. The ADB's growth forecast for FY25 is in line with projections made by the RBI.
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