Current Affairs - Economy - Discussion

The Asian Development Bank (ADB) has projected India to remain the fastest growing Asian nation with 7.3% growth in 2018-19, and 7.6% in 2019-20. ADB Chief Economist Yasuyuki Sawada has stated that India should not worry about not achieving 8% 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 further 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.