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ADB chief economist optimistic about India growth drivers
The Asian Development Bank's chief economist, Albert Park, expressed cautious optimism about India's growth prospects for the current fiscal year, despite risks from the West Asia crisis and US tariff uncertainty. Speaking…
The Asian Development Bank's chief economist, Albert Park, expressed cautious optimism about India's growth prospects for the current fiscal year, despite risks from the West Asia crisis and US tariff uncertainty. Speaking to Business Today on Wednesday, Park said India has enough growth drivers to achieve a good rate of growth this year, though uncertainty remains over the impact of El Nino on agriculture.
The ADB has revised down its India growth forecast for this fiscal to 6.6% from an earlier projection of 6.9%. For FY28, it expects the Indian economy to grow at 7.3%. Park noted that while US tariffs were a big issue last year, they are less prominent now after the US Supreme Court struck them down, though efforts to reintroduce some tariffs create uncertainty.
Indian Opinion Analysis
India's 6.6% growth forecast from ADB remains one of the highest among major economies in Asia, but the El Nino risk is genuine. The Indian Meteorological Department typically issues its monsoon forecast in April, and a poor monsoon could hit farm output and rural demand, which account for a significant share of GDP. The ADB's projection assumes normal weather, so any deviation could force another revision. The next key data point will be the IMD's first official monsoon forecast, expected around mid-April.
Source: businesstoday.in
This brief was synthesised by AI from the source linked above.
