• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

ADB Cuts India’s Growth Forecast, Expects Erratic Rains To Hit Farm Output

OMMCOM NEWS by OMMCOM NEWS
September 20, 2023
in Business
Ranchi : Farmers plant rice saplings at an agricultural field on the outskirts of Ranchi on Saturday, August 19, 2023. (Photo:IANS/Rajesh Kumar)

Ranchi : Farmers plant rice saplings at an agricultural field on the outskirts of Ranchi on Saturday, August 19, 2023. (Photo:IANS/Rajesh Kumar)

New Delhi:  The Asian Development Bank (ADB) on Wednesday lowered its growth forecast for India’s economy to 6.3 per cent for 2023-24 from 6.4 per cent estimated earlier, citing the adverse impact of slowing exports and erratic rainfall that could hit farm output.

However, ADB has retained its GDP growth projection for 2024-25 at 6.7 per cent on the back of higher private investment and industrial production.

The report also points out that the Indian economy recorded a robust growth of 7.8 per cent in the first quarter of the current financial year despite global uncertainties. It expects growth to be propelled by “robust domestic consumption as consumer confidence improves, and by investment including large increases” in government capital expenditure through the rest of this year and next year.

“Monsoon rainfall under the influence of a developing El Nino has led to erratic weather patterns, including flooding in certain regions and deficient rains, particularly in August. The erratic rainfall patterns have resulted in damage to the rice crop in particular and lower sowing for pulses in the kharif season,” the report said.

It has cut its projection for farm sector growth by close to one percentage point.

ADB has also raised its inflation projection for India for 2023-24 to 5.5 per cent, up from the previous 5 per cent.

“Food inflation picked up in July due to adverse weather conditions, contributing to a rise in South Asia’s overall inflation rate. If India’s agricultural output weakens and the rice export ban remains in place, this could escalate food price inflation in developing Asia,” the report stated.

(IANS)

ShareTweetSendSharePinShareSend
Previous Post

NIA Seeks Information About 43 Gangsters

Next Post

Asian Games: India Men’s Volleyball Team Stuns South Korea To Enter Knockout Stage

Related Posts

Business

9 Sectors Have Potential To Generate Up To $738 Billion Revenue In India By 2030: Report

June 30, 2025
Business

Indian Economy Remains A Key Driver Of Global Growth: RBI

June 30, 2025
GST
Business

India’s GST Collection Hits Record Rs 22.08 Lakh Crore In FY25, Rises 9.4 Pc

June 30, 2025
Business

India’s Industrial Production Registers 1.2 Per Cent Growth In May

June 30, 2025
Mumbai:People walk past the Bombay Stock Exchange (BSE) building in Mumbai, on Tuesday, Feb 1. 2022.Prime Minister Narendra Modi's government on Tuesday announced a series of investments to shore up spending in infrastructure projects in its annual budget.(Photo:IANS)
Business

Sensex, Nifty End Lower After Rising For 4 Straight Sessions

June 30, 2025
Business

FEMA Penalty: SC Rejects Lalit Modi’s Plea Demanding BCCI Indemnify Him

June 30, 2025
Next Post

Asian Games: India Men's Volleyball Team Stuns South Korea To Enter Knockout Stage

Lok Sabha Passes Women's Reservation Bill By 454 Votes To 2

BCCI Announces SBI Life As Official Partner For Domestic, International Season 2023-26

khimji
OMC
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.