New Delhi, Sept 21 (KNN) The latest report released by the Asian Development Bank (ADB) has lowered down India’s GDP growth projection for the year 2022-23 to 7 per cent from the earlier 7.2 per cent based on higher-than-expected inflation and monetary tightening.

ADB’s flagship Asian Development Outlook (ADO) report, released on Wednesday, said India’s economy grew 13.5 per cent year-on-year in the first quarter of 2022-23, reflecting strong growth in services.

“However, GDP growth is revised down from ADO 2022’s forecasts to 7 per cent for FY2022 (ending in March 2023) and 7.2 per cent  for FY2023 (ending in March 2024) as price pressures are expected to adversely impact domestic consumption, and sluggish global demand and elevated oil prices will likely be a drag on net exports,” it said.

ADB Chief Economist Albert Park in the report pointed out that “Developing Asia continues to recover, but risks loom large.”

The Asian Development Bank also reduced the overall growth projections for Asia and the Pacific regions due to global challenges.  (KNN Bureau)