New Delhi, Dec 13 (UNI) The Asian Development Bank (ADB) in its report has downgraded the Gross Domestic Product (GDP) growth of for India to 6 point 7 per cent in 2017 and 7.3 per cent in 2018.
In its report, released in Manila on Webnesday, ADB said, “Although the strong manufacturing expansion helped the Indian economy reverse 5 consecutive quarters of deceleration in the second quarter of fiscal year 2017, the recovery is more subdued than assumed earlier due to rising crude oil prices, soft private investment growth, and weather-related risks to agriculture.”
In its earlier report ADB had forecasted the growth rate of 7 per cent for the year 2017 and 7.4 per cent for the year 2018.