Economic Buzz: India to remain the fastest growing Asian nation, Says ADB

The Asian Development Bank (ADB) has projected India to remain the fastest growing Asian nation with 7.3 per cent growth in 2018-19, and 7.6 per cent in 2019-20. Indias projected GDP growth of over 7 per cent for the current fiscal is amazingly fast and if this momentum is maintained the size of the economy can double within a decade, ADB Chief said. The country shouldnt 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, the bank added. The Indian economy is forecast to grow at 6.6 per cent in the 2017-18 fiscal ended March 31, slower than 7.1 per cent in 2016-17.