The ADB has adjusted India’s growth forecast to 6.3% in FY24, primarily due to unpredictable monsoon patterns impacting agriculture. Despite the minor downgrade, the ADB anticipates that robust private consumption and rising public and private investments will propel growth. The inflation outlook has been revised upwards to 5.5% from 5%, largely attributed to elevated food inflation observed in July. The report underscores the risk that weak agricultural production and a continuing rice export ban could exacerbate food price inflation across developing Asia.