ADB sees India growing 7.4% in 2017-18, says GST, bankruptcy law big positives

Yokohama: The Indian economy will grow by 7.4 per cent in FY 2017-18 and by 7.6 per cent in FY 2018-19 on the back of an improving business environment created by reforms like the Goods and Services Tax (GST) and the new bankruptcy law, stated Mr Yasuyuki Sawada, Chief Economist, Asian Development Bank (ADB). A growth of more than 7 per cent is high compared to other emerging economies, including China. He further stated that the impact of demonetisation was short-term, and the Indian economy's growth will accelerate over the medium-term. He was also of the opinion that the appreciation of rupee against the dollar will not have a negative impact on exports and that India's overall export performance is positive.