ADB retains India’s growth forecast of 6.4% in FY24

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Retaining its earlier forecast, the Asian Development Bank (ADB) on Wednesday said India’s GDP is expected to grow by 6.4% in the ongoing financial year and 6.7% in FY25, driven by recovery in consumption demand and easing global commodity prices. The projections released by ADB were close to the Reserve Bank’s estimates of 6.5% real GDP growth for 2023-24. The ADB projections assume “normal rainfall and other weather factors, and no further geopolitical shocks". However, it added that the global economic slowdown has suppressed merchandise trade, which could be a drag on growth. India’s goods exports have been declining for...