ADB lowers India’s growth forecast to 5.6%
4 Oct 2012 11:11 PM GMT
Asian Development Bank [ADB] on Wednesday lowered India's growth forecast for the current fiscal to 5.6 per cent, from 7 per cent projected earlier, citing falling global demand and impact of delayed monsoon on agricultural production.
India, however, can reverse the trend of falling growth by promoting economic reforms and taking steps to improve investment climate, said the ADB's Asian Development Outlook 2012 Update. For the Asian region as a whole, the ADB Update expects the Gross Domestic Product [GDP] growth rate to drop to 6.1 per cent in 2012 from 7.2 per cent in 2011.
'The deceleration of the region's two giants – the People's Republic of China and India – in tandem with the global slowdown, is tempering earlier optimism,' ADB said.
India, however, can reverse the trend of falling growth by promoting economic reforms and taking steps to improve investment climate, said the ADB's Asian Development Outlook 2012 Update. For the Asian region as a whole, the ADB Update expects the Gross Domestic Product [GDP] growth rate to drop to 6.1 per cent in 2012 from 7.2 per cent in 2011.
'The deceleration of the region's two giants – the People's Republic of China and India – in tandem with the global slowdown, is tempering earlier optimism,' ADB said.
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