It is expected that Asia will grow at 4.6 percent, up from 4.2 percent this year
The Asian Development Bank (ADB) maintained its outlook for India’s economic growth for the current fiscal year at seven percent. GDP growth is expected to remain at 7.2 percent in 2023 and 24.
In 2023, ADB expects Asia to grow at 4.6 percent, up from 4.2 percent this year. Previously, the expansion was estimated at 4.3 percent and 4.9 percent.
According to the Reserve Bank, the country’s GDP growth projection for the current fiscal year will be 6.8 percent instead of seven percent earlier.
Although the latest bi-monthly monetary policy announced by the Reserve Bank of India revealed a downward revision to economic growth projections, India will remain one of the world’s fastest-growing major economies.
Meanwhile, India’s GDP growth in the first half of the current fiscal year averaged 9.7 percent, according to Business Standard.
“India’s economic growth, measured by growth in GDP at constant prices, has been estimated at 9.7 percent for the first half (April-September) of FY23, as compared to 13.7 percent in H1FY22 and 4.7 percent in H2 of FY22,” the ministry said.
Sundar Pichai, CEO of Google, stated that India will be a large export economy, and that the country will profit from an open and connected internet, reported Mint.
Sundar Pichai said, “Given the scale and technology leadership it (India) will have, it’s important to make sure you are balancing, putting in safeguards for people. You’re creating an innovative framework, so that companies can innovate on top of a certainty in the legal framework.”
Pichai went on to say that he believes this is a critical juncture in history. India will also be a significant exporter. It will benefit from an open and connected internet, and striking the proper balance will be critical.
The Property Report editors wrote this article. For more information, email: [email protected].
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