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India on track to grow at 7.4 per cent in 2017 – Asian Development Bank report

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According to ADB India is expected to achieve the projected growth rate of 7.4% in 2017 and further up 7.6% on 2018.

Key Points:

According to the report, South Asia will be the fastest growing of all sub-regions in Asia and the Pacific, with growth on track to meet original projections of 7% in 2017 and 7.2% in 2018.

  • ADB has upgraded its growth outlook in the Asian region to 5.9% in 2017 from 5.7% and to 5.8% for 2018 from 5.7%.
  • The increase in net exports and domestic consumption has improved growth prospects in China. It is the world’s second largest economy, which is now expected to expand by ADB clears $ 300 million loan for upgradation of UP Roads 400 km6.7% in 2017 and 6.4% in 2018.
  • Growth projections for Southeast Asia were expected to remain at 4.8% in 2017 and 5% in 2018, with accelerating growth for Malaysia, the Philippines and Singapore.
  • Price inflation is now expected to drop to 2.6 % in 2017, revised down by 0.4% points, and 3% in 2018 compared to the original projections of 3% and 3.2%.
  • According to the reports, combined growth for the major industrial economies was forecast to remain at 1.9% in 2017 and 2018.
  • The growth prospects in developing Asia for 2017 have improved than expected export demand in the first quarter of this year.
  • The outlook for Central Asia has also improved as stronger domestic demand and exports in some countries have charged an unexpected recovery in the sub-region.
  • Implementation of the Goods and Services Tax (GST) is expected to improve ease of doing business and facilitate growth in the medium term.

    About ADB

  • Formation: 24th November 1966
  • HQ: Manila Philippines
  • Membership: 67 countries
  • President: Takehiko Nakao