The Asian Development Bank (ADB) has retained its India gross domestic product (GDP) growth forecast at 7.3 per cent for the current fiscal and 7.6 per cent for the next despite some downside risks. India is maintaining growth momentum on rebounding exports and higher industrial and agricultural output, according to the ADB Outlook Supplement.

India’s GDP growth moderated to 7.1 per cent in the second quarter of the current fiscal from 8.2 per cent in the first. The slowdown was primarily due to food prices, lower rural consumption, rising oil prices delivering a negative shock in terms of trade and rising cost of raw materials, report citing the ADB document.