ADB projects India’s GDP growth to 7.3%

According to Asian Development Bank (ADB)’s latest report “Asian Development Outlook (ADO)”, India’s GDP growth has been projected to rise 7.3% in current fiscal year FY19 (2018-19). The report, which was published in April 2018, stated that Indian economy’s growth will further accelerate to 7.6% in FY20 (2019-20) because the measures taken to strengthen the banking system and tax reform will boost investment. The report also pointed that South Asia, led by India will continue to be the fastest growing sub-region despite rising tensions between the US and its trading partners. The ADO has also retained the combined growth forecast for the major industrial economies — the US, the Euro zone and Japan — as growth in the US and the Euro area remains robust.