The Asian Development Bank (ADB) on Friday forecast that the Indian economy would grow at 7.3 per cent in FY19.
The Asian Development Bank (ADB) on Friday forecast that the Indian economy would grow at 7.3 per cent in FY19. On the back of strong investment and GST stabilisation, the growth would improve to 7.6 per cent in FY20, news agency PTI reported citing the multilateral funding agency. Besides, India’s funding would be scaled up to $4.5 billion in 2019, it added.
In its report published on Wednesday, World Bank had also said that India’s GDP is expected to grow at 7.3 per cent in the fiscal year 2018-19. It has forecast the growth to hit 7.5 per cent in the following two years, attributing it to an upswing in consumption and investment. The bank had said that India would continue to be the fastest growing major economy in the world.
ADB and World Bank growth projection for the current fiscal is a tad higher than the 7.2 per cent estimated by the Central Statistical Organization. It is, however, lower than 7.4 per cent growth projected by the RBI.
In the recent issue of Asian Development Outlook (ADO), ADB had projected India’s growth for FY20 at 7.6 per cent. ADB forecast current account deficit (CAD) to be around 2.5 per cent of GDP in the current fiscal, which will be financed by stable capital flows.