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The Asian Development Bank (ADB) announced on Wednesday that it is maintaining its GDP growth forecast for India at 7% for the current financial year, attributing this stability to a projected rebound in agriculture due to above-normal monsoon forecasts.

ADB maintains India's GDP growth forecast at 7% for FY2024

July 17, 2024, 01:28 PM - 2 min read

This forecast comes just a day after the International Monetary Fund (IMF) revised its GDP growth projection for India upwards to 7%, compared to the 6.8% it had projected in April. Additionally, the Reserve Bank of India (RBI) also recently revised its growth forecast upward to 7.2% from the previous estimate of 7%.

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According to ADB Chief Economist Albert Park, India must prioritize reforms in its factor markets such as land and labor to propel its growth towards a double-digit trajectory.

ADB Economist urges India to prioritize factor market reforms for double-digit growth

May 12, 2024, 05:20 PM - 2 min read

Park suggested additional reforms, such as regulatory ease, improvement in the ease of doing business, and tariff deregulation, to enhance India's participation in the global value chain.

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