ADB cuts India's GDP growth forecast to 7 pct

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ADB cuts India's GDP growth forecast to 7 pct

STORY: ADB cuts India's GDP growth forecast to 7 pct DATELINE: Sept. 22, 2022 LENGTH: 0:01:30 LOCATION: New Delhi CATEGORY: ECONOMY SHOTLIST: 1. various of the India gate 2. various of the local markets 3. various of fuel station 4. various of traffic STORYLINE: The Asian Development Bank (ADB) on Wednesday cut down India's gross domestic product (GDP) growth projection to 7 percent for the remaining part of the current fiscal year (April 2022-March 2023), from 7.5 percent estimated in April. Terming it as a "modest downward revision," the ADB cited "higher-than-anticipated inflation and monetary tightening" as the reasons for the cut in its GDP projection for India. The ADB also raised its inflation forecast for India to 6.7 percent. It said that private consumption will be affected by higher inflation eroding consumer purchasing power even though consumer confidence continues to improve. "Sticky core inflation will adversely impact spending over the next two years if wages fail to adjust,

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