Asian Development Bank (ADB) has said, India's projected GDP growth of over 7
percent for the current fiscal is amazingly fast and if this momentum is
maintained, the size of the economy can double within a decade.
In an interview with news agency PTI, ADB Chief Economist Yasuyuki Sawada said,
India should not worry about not achieving 8 per cent growth but focus on
increasing domestic demand by reducing the income inequality.
He said growth is driven more by domestic consumption than exports. Mr Sawada
said inequality and poverty reduction would play a very important role in
achieving higher growth because consumption can stimulate more production and
that can create more employment.
He said tapping the broadening market will be important to achieve higher
growth, adding that the services sector too would play a role in pushing up
economic growth. ADB has projected India to remain the fastest growing Asian
nation with 7.3 percent growth in 2018-19, and 7.6 percent in 2019-20.