The Asian Development Bank marginally lowered India's growth forecast to 6.3% for the current financial year from its earlier projection of 6.4% on account of slowing exports and the likely impact of erratic rainfall on agriculture output.

• Indian growth in the rest of this fiscal year and next will be propelled by robust domestic consumption as consumer confidence improves, and by investment, including large increases in government capital expenditure, according to the Asian Development Outlook September 2023.
• The April Asian Development Outlook had projected a GDP growth of 6.4% for India for FY2023.
• The forecast is retained at 6.7% for FY2024, when rising private investment and industrial output are expected to drive growth.
• India’s economy grew by 7.8% year on year in the first quarter of fiscal year 2023 (ending 31 March 2024).