India's economy continues on robust growth path: ADB
On India, the ADB report said its economy continues on a robust growth path. "Its growth forecasts are unchanged at 7.3 per cent for 2018 and 7.6 per cent for 2019 as the temporary effects of the demonetisation of large banknotes and the introduction of the national Goods and Services Tax abate as expected," it said.
India's economy continues on a robust growth path, the Asian Development Bank (ADB) said Wednesday while maintaining the growth forecast for the current fiscal at 7.3 per cent.
However, depreciation of the rupee and volatile external financial markets pose challenges, the multilateral lending agency added, in an update of its flagship annual economic publication, the Asian Development Outlook (ADO) 2018.
Growth remains stable across most of developing Asia due to robust domestic demand, buoyant oil and gas prices and a consolidation of India's growth rebound, it said.
"But escalating trade tensions will test the region's resilience, underscoring the importance of efforts to bolster trade ties among its countries," it added.
On India, the report said its economy continues on a robust growth path. "Its growth forecasts are unchanged at 7.3 per cent for 2018 and 7.6 per cent for 2019 as the temporary effects of the demonetisation of large banknotes and the introduction of the national Goods and Services Tax abate as expected," it said.
The report further said the impact of the rising oil prices is offset by robust domestic demand and rising exports, particularly of manufactures.
Watch this Zee Business video
"Depreciation of the rupee and volatile external financial markets pose challenges, as does accelerating inflation though tighter fiscal policy will help quell inflationary pressures," said the report of the Manila-based development bank.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
lok-sabha-elections-2024-final phase-7 voting-date-last day to vote general election timings-states-seats-key-candidates-constituencies-ls-polls-general-election-schedule-time-table-results-date
From Axis to IDFC First - These bank stocks can give bumper returns in 3-4 weeks – Check target price and stop loss
Rules Changing from June 1: Aadhaar card update, driving license, LPG price and others - Check Full List
Central Railways' 63-hour mega block to hit Mumbai local train services, check dates and other details
SBI Senior Citizen FD Interest Rates 2024: What Rs 2 lakh, Rs 4 lakh, and 6 lakh, and Rs 8 lakh investments will give you in 1-, 3-, and 5-year FDs
Gold and Silver rate today (May 30, 2024): Precious metal futures trade in red; yellow metal near Rs 72,000, white metal falls by nearly Rs 1,500
11:03 AM IST