Domestic Demand To Aid India’s Growth in 2019-20: Asian Development Bank (ADB)

New Delhi: Key policy measures by the government to improve the investment climate and boost private consumption and investment will help India lift its economic growth in the next two fiscal years, an Asian Development Bank (ADB) report said on Wednesday.

In its Asian Development Outlook (ADO) 2019, the ADB projects India’s gross domestic product (GDP) growth to rise to 7.2 percent in 2019 and reach 7.3 percent in fiscal 2020, reversing two years of declining growth as reforms to improve the business and investment climate take effect. “India will remain one of the fastest-growing major economies in the world this year given strong household spending and corporate fundamentals,” said ADB Chief Economist Yasuyuki Sawada. “India has a golden opportunity to cement recent economic gains by becoming more integrated in global value chains. The country’s young workforce, an improving business climate, and a renewed focus on export expansion all support this.” (IANS)

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