Current Affairs

ADB retains India's growth forecast at 7.3% for FY19

Asian Development Bank (ADB) in its Outlook Supplement has retained India's growth forecast at 7.3% for current fiscal (2018-19) and 7.6% in the following financial year (2019-20).
ADB retains India's growth forecast at 7.3% for FY19
  • It held that India is maintaining growth momentum on rebounding exports and higher industrial and agricultural output.
  • India saw GDP growth moderate to 7.1% in Q2 of FY2018 (ending March 31, 2019) from 8.2%in Q1.
  • The slowdown came mainly from food prices, rising oil prices delivering negative shock in terms of trade, lower rural consumption, and rising costs for raw materials. 
  • But growth forecasts of 7.3% for 2018-19 and 7.6% for 2019-20 are retained from update despite some downside risks.

About Asian Development Bank (ADB):

  • ADB is a regional development bank based out of Asia.
  • It aims to promote social and economic development in Asia by achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
  • It was established in December 1966. 
  • It is headquartered at Ortigas Centre in Manila, Philippines.
  • It has total 67 members, of which 48 are from within Asia and the Pacific and 19 outside.

Question:

Q. Who in its Outlook Supplement has retained India's growth forecast at 7.3% for current fiscal (2018-19) and 7.6% in the following financial year (2019-20)?
a. World Bank
b. Credit Suisse
c. Asian Development Bank
d. None of the above
ADB retains India's growth forecast at 7.3% for FY19 ADB retains India's growth forecast at 7.3% for FY19 Reviewed by Inderjeet Virdi on December 15, 2018 Rating: 5

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