ADB projects India’s economic growth to 7.3% in 2018-19
In its latest Asian Development Outlook (ADO) 2018, the Manila-based Asian Development Bank (ADB) has stated that India’s economic growth is set to rise to 7.3% in 2018-19 and grow at 7.6% further in FY20 on the back of structural reforms such as GST and clean banking. In its report, ADB has credited the Modi-government’s GST saying that growth will pick up as the new tax regime improves productivity. The report also stated that Indian economy grew 6.6 % in FY18 as it battled the lingering effects of demonetisation in 2016, businesses adjusting to GST in 2017, and a subdued agriculture. The country’s economic growth was 7.1% in 2016-17.