Why is it in the news?

• Recently, the Asian Development Bank (ADB) has revised its growth forecast for India’s economy.

More about the news

• The Asian Development Bank (ADB) has revised its growth forecast for India’s economy to 6.3% for this year, down from the previous estimate of 6.4%.
  • This revision is attributed to the impact of falling exports and erratic rainfall patterns affecting agricultural output.
• ADB economists have also raised their inflation forecast for the year to 5.5%, up from the earlier estimate of 5%.
• The ADB maintains its real GDP growth projection for 2024-25 at 6.7%, anticipating increased private investment and industrial output.

Asian Development Bank (ADB)

• Asian Development Bank (ADB) established in 1966 is owned by 68 members, with 49 of them from the region.
• ADB’s mission is to achieve a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, with a focus on eradicating extreme poverty.
• ADB provides support to its members and partners through various means, including loans, technical assistance, grants, and equity investments, to promote social and economic development.
• The primary goal of ADB is to foster social and economic development in the Asia and Pacific region.
• ADB’s five largest shareholders, as of December 31, 2022, are Japan and the United States (each with 15.6% of total shares), the People’s Republic of China (6.4%), India (6.3%), and Australia (5.8%).
• ADB is headquartered in Manila, Philippines.