Indias 7% projected growth rate amazingly fast: ADB

Asian Development Bank (ADB) has said, India’s projected GDP growth of over 7 percent for the current fiscal is amazingly fast and if this momentum is maintained, the size of the economy can double within a decade.

In an interview with news agency PTI, ADB Chief Economist Yasuyuki Sawada said, India should not worry about not achieving 8 per cent growth but focus on increasing domestic demand by reducing the income inequality.

He said growth is driven more by domestic consumption than exports. Mr Sawada said inequality and poverty reduction would play a very important role in achieving higher growth because consumption can stimulate more production and that can create more employment.

He said tapping the broadening market will be important to achieve higher growth, adding that the services sector too would play a role in pushing up economic growth. ADB has projected India to remain the fastest growing Asian nation with 7.3 percent growth in 2018-19, and 7.6 percent in 2019-20.

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