While there is a war currently going on between Russia and Ukraine, and there is increasing pressure on the global economy as a result of this conflict, rating agencies have cut India’s growth rate.
Asia Development Bank (ADB) has estimated that India’s growth rate is 7.5 percent in its report. The ADB published its report and estimated India’s GDP to be 7.5 percent for 2022-23.
ADB has projected a 7 percent growth rate for economies in South Asia. Indian economy is the largest and most significant in Asia. India’s GDP is expected to grow by 7.5 percent this year, but it is expected to grow at an 8 percent rate in the next year, according to its ADO report.
In addition to India, ADO addresses Pakistan in its report, where a growth rate of up to four percent is predicted for the current fiscal year.