India’s growth rate 2022: ADB’s Scenario-2022 states that India’s growth rate may increase to eight percent in the next fiscal year 2023-24, while China’s growth rate may decline to 4.8 percent in 2023.
Recently, the Asian Development Bank (ADB) has reported that India’s economic growth rate will be 7.5 percent during the fiscal year 2022-23. India will continue to be the fastest-growing economy among the major countries of the world. ADB has projected that China will register a growth of five percent between January-December, 2022.
ADB’s Scenario-2022 states that India’s growth rate may increase to eight percent in the next fiscal year 2023-24, while China’s growth rate may decline to 4.8 percent in 2023. ADB’s 2022 outlook states that growth will pick up in the coming years due to increased public investment in infrastructure and a pick-up in private investment.
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ADB Chief Economist Albert Park said that economies in developing Asia are gaining ground and are slowly recovering from the worst of the COVID-19 pandemic. However, due to geopolitical uncertainty and the outbreak of a new form of Covid-19, the growth rate may be derailed, he added. Therefore, governments in this region will need to be vigilant and prepared to face these risks.