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

Monday, May 07, 2018

India's projected GDP growth of over 7% for the current fiscal is "amazingly fast" and if this momentum is maintained the size of the economy can double within a decade, ADB Chief Economist Yasuyuki Sawada has said.

The country shouldn't worry about not achieving 8% growth but focus on increasing domestic demand by reducing the income inequality, he said.

Growth is driven more by domestic consumption than exports, he added.

The Asian Development Bank (ADB) has projected India to remain the fastest growing Asian nation with 7.3% growth in 2018-19, and 7.6% in 2019-20.

The Indian economy is forecast to grow at 6.6% in the 2017-18 fiscal ended March 31, slower than 7.1% in 2016-17.

"7% growth is amazingly fast. If a 7% growth continues for 10 years, then that economy's size doubles," Sawada said in an interview with PTI.

"So that's super fast growing growth rate. And being one of the largest economies in the region, achieving this 7.3% this fiscal and next year, 7.6%, is really amazing," he added.

The size of India's economy is about USD 2.5 trillion currently, making it the sixth largest in the world. Economic Affairs Secretary Subhash Chandra Garg had said recently that the country is on track to doubling the size of its economy to USD 5 trillion by 2025.

Sawada said however that clocking 8% growth is a "big challenge" for India as of now. "7% growth is a very good number and India should not worry about not achieving 8% growth."

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