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As per the Asian Development Outlook (ADO) 2022, what is the estimated growth rate of India in 2023-24?
  • a)
    10.5%
  • b)
    9%
  • c)
    8%
  • d)
    6.5%
Correct answer is option 'C'. Can you explain this answer?
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As per the Asian Development Outlook (ADO) 2022, what is the estimated...
Manila-based Asian Development Bank recently released its flagship Asian Development Outlook (ADO) 2022.
It projected South Asia’s largest economy India to grow by 7.5 per cent in the current fiscal year (2022-23) and by eight per cent the next year (2023-24). It also estimated a seven per cent collective growth for South Asian economies in 2022. South Asia comprises Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka.
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As per the Asian Development Outlook (ADO) 2022, what is the estimated...
The estimated growth rate of India in 2023-24, as per the Asian Development Outlook (ADO) 2022, is 8%.




Explanation:

The Asian Development Outlook (ADO) is an annual publication by the Asian Development Bank (ADB) that provides economic forecasts and analysis for economies in the Asia-Pacific region. The ADO 2022 report provides insights into the economic outlook for various countries, including India.

According to the ADO 2022 report, India is projected to have a growth rate of 8% in the fiscal year 2023-24. This estimate indicates a positive outlook for the Indian economy and suggests that it is expected to recover strongly from the impacts of the COVID-19 pandemic.

Factors contributing to the projected growth rate:

1. Economic reforms: The Indian government has implemented various economic reforms to stimulate growth and attract investments. These reforms include the introduction of the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code (IBC), and measures to improve ease of doing business. These reforms are expected to have a positive impact on India's economic growth.

2. Infrastructure development: The Indian government has focused on infrastructure development through initiatives such as the National Infrastructure Pipeline (NIP) and the Atmanirbhar Bharat (Self-reliant India) campaign. Investments in infrastructure projects are expected to boost economic activity and create employment opportunities.

3. Consumption and investment: With the gradual easing of the pandemic-related restrictions, consumer and investor confidence is expected to improve. Increased consumption and investment will drive economic growth and contribute to the projected growth rate.

4. Global recovery: The global economy is also expected to recover from the impacts of the pandemic. Improved global demand for goods and services, coupled with increased trade and exports, will benefit the Indian economy and support its growth trajectory.

Conclusion:

Based on the Asian Development Outlook (ADO) 2022 report, the estimated growth rate of India in 2023-24 is 8%. The projected growth is attributed to economic reforms, infrastructure development, increased consumption and investment, and the global economic recovery. However, it is essential to note that economic forecasts are subject to various uncertainties, and the actual growth rate may vary based on several factors.
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The growth in the index of industrial production (IIP) fell to 1.7 per cent in January compared with 7.5 per cent a year ago. The growth fell because of a subdued performance by the manufacturing sector, especially capital and consumer goods. The growth was also lower on a sequential basis from 2.4 per cent in December to 1.7 per cent in January, according to CSO data.Manufacturing output expanded 1.3 per cent on a yearly basis, mining grew 3.9 per cent and electricity generation rose 0.8 per cent in January. Electricity had grown 7.6 per cent in the year-ago period. Rating agency CARE said lower growth in manufacturing was expected because of a high base effect. Besides, production was less because of a higher stock built-up from the second quarter as demand did not materialise fully in the third quarter.CARE expects IIP growth for the year "to be around 5 per cent from 4.4 percent cumulative till January. While base effect will be there, it will diminish in size as companies also expand on production to meet annual targets". Data showed 11 of the 23 industry groups in the manufacturing sector witnessed positive growth.However, furniture and paper products, excluding machines and equipment, declined the most. The production of infrastructure goods rose 7.9 per cent compared with 10.1 per cent in December. The output of intermediate goods contracted 3 per cent in January compared with a 5.4 per cent rise in the year-ago period.Consumer as well as non-consumer durables output rose 1.8 per cent compared with a 7.6 per cent rise in January 2018. IIP growth stood at 4.4 per cent compared with 4.1 per cent in the same period a year ago.Economic growth slowed to a five-quarter low of 6.6 per cent in the October-December period. The government estimate for the financial year ending this month has been revised down to a five-year low of 7 per cent from 7.2 percent. The IIP numbers come ahead of the RBIs monetary policy statement on April 4 and may increase the clamour for a cut in interest rates to boost economic activity.Q. Out of the following options, which one is an appropriate title of the given passage?

The growth in the index of industrial production (IIP) fell to 1.7 per cent in January compared with 7.5 per cent a year ago. The growth fell because of a subdued performance by the manufacturing sector, especially capital and consumer goods. The growth was also lower on a sequential basis from 2.4 per cent in December to 1.7 per cent in January, according to CSO data.Manufacturing output expanded 1.3 per cent on a yearly basis, mining grew 3.9 per cent and electricity generation rose 0.8 per cent in January. Electricity had grown 7.6 per cent in the year-ago period. Rating agency CARE said lower growth in manufacturing was expected because of a high base effect. Besides, production was less because of a higher stock built-up from the second quarter as demand did not materialise fully in the third quarter.CARE expects IIP growth for the year "to be around 5 per cent from 4.4 percent cumulative till January. While base effect will be there, it will diminish in size as companies also expand on production to meet annual targets". Data showed 11 of the 23 industry groups in the manufacturing sector witnessed positive growth.However, furniture and paper products, excluding machines and equipment, declined the most. The production of infrastructure goods rose 7.9 per cent compared with 10.1 per cent in December. The output of intermediate goods contracted 3 per cent in January compared with a 5.4 per cent rise in the year-ago period.Consumer as well as non-consumer durables output rose 1.8 per cent compared with a 7.6 per cent rise in January 2018. IIP growth stood at 4.4 per cent compared with 4.1 per cent in the same period a year ago.Economic growth slowed to a five-quarter low of 6.6 per cent in the October-December period. The government estimate for the financial year ending this month has been revised down to a five-year low of 7 per cent from 7.2 percent. The IIP numbers come ahead of the RBIs monetary policy statement on April 4 and may increase the clamour for a cut in interest rates to boost economic activity.Q. Out of the following options, which one can be inferred from the passage?

Directions: Read the following case study and answer the questionsPrime Minister Narendra Modi ’s second budget in seven months disappointed investors who were hoping for big-bang stimulus to revive growth in Asia’s third-largest economy. The fiscal plan delivered by Finance Minister Nirmala Sitharaman proposed tax reductions for individuals and wider deficit targets, but failed to provide specific steps to fix a struggling financial sector, improve infrastructure and create jobs. Stocks slumped, reflecting the subdued sentiment.“Far from being a game changer, the budget provides little in terms of short-term growth stimulus,” said Priyanka Kishore, head of India and South-East Asia economics at Oxford Economics Ltd. in Singapore. “While income tax cuts will provide some relief on the consumption front, the multiplier effect is low and the overall stance of the budget is not expansionary.”The focus now shifts to the Reserve Bank of India’s interest rate decision on February 6, 2020. Flowever, having already cut interest rates five times last year and with inflation exceeding 7 per cent, well above the central bank’s target, there’s limited scope for Governor Shaktikanta Das to ease more.Q. A direct tax cut in government budget helps to stimulate economic growth by

As per the Asian Development Outlook (ADO) 2022, what is the estimated growth rate of India in 2023-24?a)10.5%b)9%c)8%d)6.5%Correct answer is option 'C'. Can you explain this answer?
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