Economy News
ADB cuts India’s GDP forecast for FY23 to 7pc on elevated inflation, monetary tightening

The Asian Development Bank (ADB) on Wednesday slashed India’s GDP growth forecast for FY23 to 7 per cent from the earlier estimate of 7.2 per cent mainly on account of higher inflation and a tight monetary policy. India’s economy grew 13.5 per cent year-on-year in the first quarter of 2022-23, reflecting strong growth in services, ADB said in its second supplement to Asian Development Outlook Report 2022 (ADO 2022).

News Source:- https://www.financialexpress.com/economy/adb-cuts-indias-gdp-forecast-for-fy23-to-7pc-on-elevated-inflation-monetary-tightening/2681840/