Press Esc to close
Sunday 23 April 2017
News updated at 9:03 PM IST

Slow progress of reforms to pull down GDP to 5.8% in 2013: ADB

New Delhi, Jul 16, 2013, (PTI) : 10:36 IST
P Chidamabaram / File Photo
Slow progress of economic reforms is expected to pull down India's growth to 5.8 per cent in the 2013 calender year from 6 per cent projected earlier, an Asian Development Bank (ADB) report said today.

"In India...slow progress in pushing through the reforms needed to ease business bottlenecks means growth is likely to be 5.8 per cent this year, slower than the previously forecast 6.0 per cent," the report 'Asian Development Outlook Supplement' said.

Meanwhile, Finance Minister P Chidambaram in Jaipur said today that India was likely to clock over 6 per cent growth in the financial year 2013-14, in the backdrop of government taking host of steps to boost sagging economy.

India's growth fell to a decade's low of 5 per cent in fiscal 2012-13.

ADB in April had projected a growth rate of 6 per cent for India in 2013.

It further said the projected growth at 5.8 per cent in 2013 will be "higher than the 5.0 per cent posted in 2012, growth remains constrained by supply-side bottlenecks, as reflected in the continued slowdown in fixed capital formation, weakness in the industrial sector, and sluggish progress in pushing through badly needed structural reforms."

The growth rate, it added, is expected to accelerate in 2014 as slower inflation provides some scope for monetary easing that could boost investment and consumption.

"Growth will be further boosted by pre-election spending, and the pickup in US growth will support Indian tech companies and related service sectors", ADB said, adding, the US was likely to grow at 2 per cent in 2013 and 2.6 per cent in 2014.

Elsewhere in South Asia, it said, Sri Lanka will continue to grow strongly, while other parts of the region will see softer-than-anticipated growth.

South Asia, it said, is expected to grow by 5.6 per cent in 2013 and 6.2 per cent in the following year.

As regards China, ADB said, the country was likely to see 7.7 per cent growth this year and 7.5 per cent in 2014 after growth of 7.8 per cent in 2012.

Go to Top

Photo Gallery
A boy enjoying a swim in Chembarambakkam lake to escape the scorching heat

A boy enjoying a swim in Chembarambakkam lake to escape the scorching heat

A group of flamingos at Sewri Jetty in Mumbai...

A group of flamingos at Sewri Jetty in Mumbai...

Union Minister for Water Resources and Ganga Rejuvenation Uma Bharati being welcomed ...

Union Minister for Water Resources and Ganga Rejuvenation Uma Bharati being welcomed ...

Lithium Urban Technologies has created an eco -friendly solutions for corporate transport...

Lithium Urban Technologies has created an eco -friendly solutions for corporate transport...

The French air force's Patrouille Acrobatique de France aerobatic team performs at Langley...

The French air force's Patrouille Acrobatique de France aerobatic team performs at Langley...

Smoke billows out after a major fire broke out in Railway Coach Factory at Nishatpura in Bhopal...

Smoke billows out after a major fire broke out in Railway Coach Factory at Nishatpura in Bhopal...

Girls with painted faces taking part in an awareness campaign on the occasion of World Earth Day...

Girls with painted faces taking part in an awareness campaign on the occasion of World Earth Day...

A Tamil Nadu farmer drinks urine during their ongoing protest over drought relief funds...

A Tamil Nadu farmer drinks urine during their ongoing protest over drought relief funds...

A two wheeler moves through a waterlogged street after heavy downpour in Agartala...

A two wheeler moves through a waterlogged street after heavy downpour in Agartala...

School girls with painted faces during 'Save Earth' awareness program on the eve of World Earth...

School girls with painted faces during 'Save Earth' awareness program on the eve of World Earth...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.