Asian Development Bank (ADB), which has recently released its Asian Development Outlook (ADO), concluded that India will continue to remain the fastest growing major economy across the globe. The country will continue to remain ahead of China, with 7.3% growth rate in 2018-19 and 7.6% in 2019-20, the ADO said recently, reaffirming that the growth in India will be driven by increased public spending, higher capacity utilization rate and uptick in private investment. ADO said adding that economic growth in China will decelerate to 6.6% in 2018 and to 6.4% in 2019 and that China's growth rate was 6.9% in 2017. On the other hand, about India, it said, the GDP growth will remain in FY18 ending March 2019, and it will be maintained at 7.3%. Growth in FY19 is expected to rise to 7.6% as measures taken to strengthen the banking system will bolster private investment and it will also reap rich dividends from the recently implemented GST regime.
📅Published on:
20 July 2018
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