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ADB revises India's growth projection downwards
24 Sep '15
4 min read
With the projected 37 per cent decline in the average crude oil price, the import bill is expected to shrink by about 10 per cent in FY2015. The slump in exports in the first quarter is likely to continue with listless global demand and a drop in exports of refined oil products. On balance, the current account deficit in FY2015 is expected to be significantly narrower than in recent years. Some recovery in oil prices and improved demand for industry and investment will likely push import growth to 8 per cent in FY2016. Exports are also likely to recover, growing by 3.5 per cent as higher petroleum prices boost the value of exports of refined petroleum products and as external demand improves. Accordingly, the current account deficit is expected to widen marginally in FY2016. (SH)
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