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Economic Outlook: Indian economy will grow at 7.5% in FY23, but growth is expected to pick up next year – Asian Development Bank report

Economic Outlook: Indian economy will grow at the rate of 7.5 percent in the current financial year 2022-23. After this, the Indian economy will get a boost and it will grow at the rate of 8 percent in the next financial year.

Economic Outlook: The economy of South Asian countries will grow at the rate of 7 percent in the current financial year, but if we talk about the largest economy of this region, then the Indian economy will grow at the rate of 7.5 percent in the current financial year 2022-23. After this, the Indian economy will get a boost and it will grow at the rate of 8 percent in the next financial year. This estimate has been expressed by the Asian Development Bank (ADB) in its Asian Development Outlook (ADO) 2022. According to this report, the Multi-lateral Funding Agency of Manila estimates that the economy of South Asian countries will grow at a slow pace of 7 percent in 2022 and in the next year 2023 it will grow at the rate of 7.3 percent.

India-Pakistan are two important economies in the South Asian region.

Growth in the South Asian region is mainly attributed to India and Pakistan, that is, both these countries affect the growth of this entire region. The economy of South Asian countries is projected to grow from 7 per cent in 2022 to 7.4 per cent in 2023. On the other hand, if we talk about India, its economy can grow at the rate of 7.5 percent in the current financial year and 8 percent in the next financial year 2023-24. Talking about the Pakistani economy, it is likely to grow at 4 per cent in 2022 and 4.5 per cent in 2023 next year due to weak domestic demand and fiscal consolidation.

These are the risks for the economic outlook

According to ADB Outlook, there is a risk to the economy due to the uncertainty arising out of the war between Russia and Ukraine, the Corona epidemic and the strictness of the US Federal Reserve. Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka come in South Asia. According to Albert Perk, ADB’s chief economist, governments in this region have to be careful about dealing with these threats. This includes covid vaccination of all its citizens and monitoring of the inflation situation. (Input: PTI)

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