India on track to grow at 7.4%, developing Asia to improve: ADB

Asian Development Bank (ADB) retained India’s growth projection at 7.4 per cent for FY18, even as it raised the forecast for developing Asian region to 5.9 per cent. In a supplement to its Asian Development

Outlook2017 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 FY19. “Consumption is likely to continue to be the main driver of growth. Higher crop sowing, helped by a healthy monsoon, and an uptick in rural wage growth will bolster rural consumption, while urban consumption will get a boost from pay hikes for central and state government employees,” the report highlighted about India.