Live
- Jagan will be a sole person to remain in YSRCP
- SP attends public grievances
- Are soulmates real or just a romantic myth?
- Collector reviews road repair works
- Nimmala assures to complete all pending irrigation projects
- How to choose the right educational board
- Develop Upamaka Venkateswara temple on all fronts
- Diarrhoea cases spike in Pusapatirega mandal
- Samsung's 2025 Lineup May Include Galaxy Z Flip 7 FE, Galaxy S25 Slim, and More
- KCR bitten by bamboo farming bug, prods leaders to follow suit
Just In
ADB cuts India’s growth forecast, expects erratic rains to hit farm output
The Asian Development Bank (ADB) on Wednesday lowered its growth forecast for India’s economy to 6.3 per cent for 2023-24 from 6.4 per cent estimated earlier, citing the adverse impact of slowing exports and erratic rainfall that could hit farm output.
New Delhi: The Asian Development Bank (ADB) on Wednesday lowered its growth forecast for India’s economy to 6.3 per cent for 2023-24 from 6.4 per cent estimated earlier, citing the adverse impact of slowing exports and erratic rainfall that could hit farm output.
However, ADB has retained its GDP growth projection for 2024-25 at 6.7 per cent on the back of higher private investment and industrial production.
The report also points out that the Indian economy recorded a robust growth of 7.8 per cent in the first quarter of the current financial year despite global uncertainties. It expects growth to be propelled by “robust domestic consumption as consumer confidence improves, and by investment including large increases” in government capital expenditure through the rest of this year and next year.
“Monsoon rainfall under the influence of a developing El Nino has led to erratic weather patterns, including flooding in certain regions and deficient rains, particularly in August. The erratic rainfall patterns have resulted in damage to the rice crop in particular and lower sowing for pulses in the kharif season,” the report said.
It has cut its projection for farm sector growth by close to one percentage point.
ADB has also raised its inflation projection for India for 2023-24 to 5.5 per cent, up from the previous 5 per cent.
"Food inflation picked up in July due to adverse weather conditions, contributing to a rise in South Asia's overall inflation rate. If India's agricultural output weakens and the rice export ban remains in place, this could escalate food price inflation in developing Asia," the report stated.
© 2024 Hyderabad Media House Limited/The Hans India. All rights reserved. Powered by hocalwire.com