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India’s 7% projected growth rate ‘amazingly fast’, can double economy in 10 years: ADB

Asian Development Bank

Asian Development Bank Chief Economist Yasuyuki Sawada has said, India’s projected GDP growth of over 7 percent for the current fiscal is amazingly fast and if this momentum is maintained the size of the economy can double within a decade.

He said, the country should not worry about not achieving 8 percent 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.


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