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

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 6.7% 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