{"id":126892,"date":"2022-12-15T12:17:14","date_gmt":"2022-12-15T06:47:14","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=126892"},"modified":"2022-12-15T12:17:15","modified_gmt":"2022-12-15T06:47:15","slug":"adb-keeps-indias-gdp-growth-unchanged-at-7","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/adb-keeps-indias-gdp-growth-unchanged-at-7\/","title":{"rendered":"ADB Keeps India\u2019s GDP Growth Unchanged at 7%"},"content":{"rendered":"\n

ADB Keeps India\u2019s GDP Growth Unchanged at 7%:<\/strong> The Asian Development Bank, based in Manila, maintained its projection for India’s economic growth for the fiscal years 2022\u20132023 at 7%. The bank also forecasted a weaker-than-previously expected pace for developing Asia. As opposed to 8.7% GDP growth in the previous fiscal year, the seven percent growth projection for fiscal 2022\u201323 is unchanged from its September forecast.<\/p>\n\n\n\n

December 2022 Current Affairs Quiz<\/a><\/strong><\/p>\n\n\n\n

Continuity Of Growth Prospects:<\/strong><\/p>\n\n\n\n

For the next fiscal year, FY 23-24, the GDP growth has been kept unchanged at 7.2 percent, \u201csustained by positive effects from structural reform and from public investment catalysing private investment\u201d.<\/p>\n\n\n\n

About Asia\u2019s Growth Projection:<\/strong><\/p>\n\n\n\n

According to a report from the Manila-based bank, Asia’s economy would grow by 4.2 percent this year and 4.6 percent in 2023. The previously estimated expansion stood at 4.3 percent and 4.9 percent, respectively.<\/p>\n\n\n\n

What The Report Pointed:<\/strong><\/p>\n\n\n\n

\u201cWhile some recent high-frequency indicators are more favourable than expected \u2014 notably consumer confidence, electricity supply and purchasing managers\u2019 indexes<\/strong> \u2014 others are a little less favourable, in particular exports, largely textiles and iron ore<\/strong>, and the index of industrial production of consumer goods,\u201d the report said.<\/p>\n\n\n\n

The Inflation Problem:<\/strong><\/p>\n\n\n\n

According to the report, inflation in the nation is still expected to rise to 6.7 percent in 2022\u20132023 before declining to 5.8 percent.<\/p>\n\n\n\n

About India\u2019s Bright & Dull Spots:<\/strong><\/p>\n\n\n\n

\u201cIn India, the economy grew by 6.3 percent in the second quarter (July-September) of the fiscal year 2022-23, reflecting contraction in public consumption of 4.4 percent<\/strong> even as exports grew by 11.5 percent<\/strong> despite the global slowdown,\u201d ADB said.<\/p>\n\n\n\n

On the supply side, the increase was led by the 9.3% increase in the service sector, which added 4.6 percentage points to GDP growth. Industry, by contrast, suffered a small contraction by 0.8 percent, dragged down by contraction in manufacturing and mining, ADB added.<\/p>\n\n\n\n

What is ADB:<\/strong><\/p>\n\n\n\n

The Asian Development Bank is a regional development bank (ADB)<\/strong> established on 19th December 1966<\/strong>. It is headquartered in Manila, Philippines<\/strong>.<\/p>\n\n\n\n

It was formed as a result of a resolution passed at the first Ministerial Conference on Asian Economic Cooperation held by the United Nations Economic Commission for Asia and the Far East (ESCAFE) in 1963.<\/strong><\/p>\n\n\n\n

Main objectives of ADB:<\/strong><\/p>\n\n\n\n

The Asian Development Bank (ADB) envisions a prosperous, inclusive, resilient, and sustainable Asia and the Pacific<\/strong>. It aims to eradicate extreme poverty in the region. In order to support social and economic development, ADB offers loans, grants, technical assistance, equity investments, and assistance to its members and partners. ADB facilitates policy dialogues, provides advisory services, and mobilizes financial resources<\/strong> through financing operations that tap official, commercial, and export credit sources.<\/p>\n\n\n\n

ADB and India:<\/strong><\/p>\n\n\n\n

ADB is contributing to India\u2019s fast, green and inclusive recovery from Covid 19<\/strong>, with investments in infrastructure, small enterprise development and social sector<\/strong>.<\/p>\n\n\n\n

Some of the projects assisted by ADB include<\/strong>:<\/p>\n\n\n\n

a credit agreement for USD 96.3 million to strengthen the state of Himachal Pradesh’s sanitation and water delivery systems.  A $500 million loan to expand the metro rail network in Bengaluru<\/strong>. A USD 4.5 million Project Readiness Financing (PRF) loan<\/strong> to support urban mobility in Mizoram.<\/p>\n","protected":false},"excerpt":{"rendered":"

ADB Keeps India\u2019s GDP Growth Unchanged at 7%: The Asian Development Bank, based in Manila, maintained its projection for India’s economic growth for the fiscal years 2022\u20132023 at 7%. The bank also forecasted a weaker-than-previously expected pace for developing Asia. As opposed to 8.7% GDP growth in the previous fiscal year, the seven percent growth […]<\/p>\n","protected":false},"author":894,"featured_media":126893,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4992],"tags":[3831,74,82],"class_list":["post-126892","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-december-2022","tag-adb","tag-bank-current-affairs","tag-economy-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/126892","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/894"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=126892"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/126892\/revisions"}],"predecessor-version":[{"id":126894,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/126892\/revisions\/126894"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/126893"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=126892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=126892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=126892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}