The Asian Development Bank (ADB) has said, India’s economic growth is set to rise to 7(point)3 per cent this fiscal and further to 7(point)6 percent in the next financial year, on back of GST and banking reforms.
In its Asian Development Outlook (ADO), 2018, ADB said, Indian economy grew 6.6 percent in the last fiscal as it battled the lingering effects of demonetisation in 2016, businesses adjusting to GST in 2017, and a subdued agriculture.
ADB Chief Economist Yasuyuki Sawada said, despite the short-term costs, the benefits of reform such as the recently implemented GST will propel India’s future growth.
Sawada said Robust foreign direct investment flows attracted by liberalised regulations and the government steps to improve the ease of doing business will further bolster growth. ADB India Country Director Kenichi Yokoyama said, India would remain the fastest-growing country across Asia.
Source: AIR