The Asian Development Bank (ADB) has said, India’s projected GDP growth of over 7 per cent for the current fiscal is amazingly fast and if this momentum is maintained, the size of the economy can double within a decade. In an interview to a news agency, ADB Chief Economist Yasuyuki Sawada said, India should not worry about not achieving 8 per cent growth but focus on increasing domestic demand by reducing the income inequality. He said, growth is driven more by domestic consumption than exports. Mr Sawada said, inequality and poverty reduction would play a very important role in achieving higher growth because consumption can stimulate more production and that can create more employment. He said tapping the broadening market will be important to achieve higher growth, adding that the services sector too would play a role in pushing up economic growth.
ADB has projected India to remain the fastest growing Asian nation with 7.3 per cent growth in 2018-19, and 7.6 per cent in 2019-20.