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Question
What was India's GDP growth rate for 2018−19, as per latest economic data by Asian Development Bank (ADB)?
What was India's GDP growth rate for 2018−19, as per latest economic data by Asian Development Bank (ADB)?
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Solution
The correct option is A 7.3%
The Asian Development Bank (ADB) 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 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.
The Asian Development Bank (ADB) 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 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.
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