Results for: Asian Development Bank

According to the Asian Development Bank (ADB) Country Director for India, Mio Oka, India’s economy remains strong but faces potential challenges due to weak demand in advanced economies and disruptions to oil supplies. Climate factors, particularly the ongoing heatwave and monsoon season, will also significantly impact agriculture and the rural economy. Despite global inflation easing, it remains elevated in India, particularly in food prices. India’s consumer price index (CPI)-based retail inflation has been declining since December 2023, reaching 4.83% in April. The services sector is expected to maintain strong momentum, driven by real estate, financial, and business services. The ADB projects India’s GDP to grow 7% in 2024-25, highlighting the government’s successful navigation of economic turbulence.

To achieve its aspirations of becoming a middle-income nation, India needs to prioritize education and infrastructure development, according to the Asian Development Bank’s (ADB) chief economist. India must also maintain its open economy and assess import tariffs that could be raising input costs in advantage industries. Focusing on sustainable farming, facilitating global value chain participation, and attracting foreign investment are crucial for India’s economic progress.