The Asian Development Bank has retained India's economic growth estimate at 6.4 percent for the ongoing fiscal and 6.7 percent for the next financial year. It said robust domestic demand will continue to support recovery in the region

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The ADB also said inflation is expected to continue to fall, approaching pre-pandemic levels, as food and fuel prices decline. For developing economies in Asia, the ADB has forecast 3.6 percent inflation this year and 3.4 percent in 2024.

The Indian economy expanded 7.2 percent in FY23. ADB's chief economist Albert Park said Asia and the Pacific continues to recover from the COVID-19 pandemic at a steady pace.

"Domestic demand and services activity are driving growth, while many economies are also benefiting from a strong recovery in tourism. However, industrial activity and exports remain weak, and the outlook for global growth and demand next year has worsened, Park added.

In April, the ADB had projected that India's economic growth is expected to moderate to 6.4 per cent in the current financial year due to tight monetary conditions and elevated oil prices.

With PTI inputs

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