Asian Development Bank (ADB) has cut India’s growth rate for this fiscal year,estimated India’s GDP growth to be 7 percent

Asian Development Bank (ADB) has cut India’s growth rate for this fiscal year. ADB has estimated India’s GDP growth to be 7 percent. It is 0.4 percent lower than the bank’s earlier estimate. The bank has also reduced the GDP growth rate for the next financial year. Notebook and GST are being held responsible for this.

Asian Development Outlook 2017 Issue

ADB has released this new estimate in the Asian Development Outlook 2017 update. In April, ADB had rated India’s growth rate 7.4, but now it has reduced it to 7 percent. At the same time, for the next financial year 2018-19, the bank has changed its estimate and has made it 7.4 percent. Earlier, the growth rate for this year was estimated at 7.6 percent.

affected on Business investment

Bank has said that the ban on note and GST have affected the expenses of the customers and it has also been affected on business investment. Despite this, India’s position remains strong.

The effect will remain for some time only

ADB said that their impact is for short-term and they will have less effect in the medium term and the GDP will get the pace. At the broad level, the bank has kept Asia’s growth projections in a better position. Due to better global trade and industrial economy, the growth rate here is expected to be better.

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