The more than a month-long war between Russia and Ukraine and its effects in the form of inflation have prompted rating agencies to cut growth forecasts. In a report released on Wednesday, the Asian Development Bank has said that India’s growth rate can be 7.5 percent this year. 

Collective growth rate of 7 per cent

The ADB on Wednesday forecast a collective growth of 7 per cent for South Asian economies in fiscal year 2022-23. Significantly, India is the largest economy of the region and the dynamics of development in the region largely depends on India and Pakistan. The Manila-based multi-lateral funding agency said in its ADO report that it is expected to grow India’s growth rate by eight per cent in the next financial year. The South Asian economies are collectively expected to grow by 7 per cent in 2022 and 7.4 per cent in 2023.