India on track to grow at 7.4%: ADB

20 July, New Delhi

Asian Development Bank today retained India’s growth projection at 7(point)4 per cent for the current financial year even as it raised the forecast for developing Asian region to 5(point)9 per cent.

In a supplement to its Asian Development Outlook (ADO) 2017 report, ADB revised the forecast for developing Asia from 5.7 per cent earlier. For 2018, it was raised from 5.7 per cent to 5.8 per cent. For India, it maintained the growth forecasts at 7.4 per cent for 2017-18 and 7.6 per cent for fiscal 2018-19.

Implementation of the Goods and Services Tax (GST) is expected to improve ease of doing business and facilitate growth in the medium term, it said, adding that there could be some teething pains as firms will take time to adjust to the new indirect tax regime.

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