The Asian Development Bank (ADB) on Thursday upgraded India's gross domestic product (GDP) growth forecast for 2024-25 (FY25) to 7 per cent from 6.7 per cent earlier, citing better prospects of robust public and private investment and strong services sector growth.
However, it said unanticipated global shocks, such as supply line disruptions to crude oil markets and weather shocks that impact agriculture output, are key risks to India's economic outlook.
The forecast is part of the latest edition of ADB's flagship economic publication, Asian Development Outlook (ADO) April 2024, released on Thursday. "The triggers for FY25 growth will come from higher capital expenditure on infrastructure development both by central and state governments, rise in private corporate investment, strong service sector performance, and improved consumer confidence.
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