ADB lowers FY16 growth rate to 7.4%

The Asian Development Bank (ADB) lowered growth projections for India for the current fiscal to 7.4%, from the 7.8% earlier, citing weak monsoon, poor external demand and inability of the government to push economic reforms in Parliament.
Though ADB, in its update on Asian Development Outlook (ADO), retained the consumer inflation forecast for India at 4% (plus minus 0.2%), it cautioned that a possible increase in prices of crude oil in the international market could have adverse implications for prices.
In March, ADB had forecast a growth rate of 7.8% for 2015-16 and 8.2% for 2016-17.

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