Home / Knowledge / News / Textiles / ADB raises Indian GDP growth forecast for next year
ADB raises Indian GDP growth forecast for next year
Sep '14
The Asian Development Bank (ADB) has increased its growth forecast for Indian gross domestic product (GDP) from 6 percent anticipated in April to 6.3 percent for the fiscal year ending March 31, 2016.
However, in the ongoing fiscal year 2014-15, ADB has maintained its Indian GDP growth forecast at 5.5 percent, according to an update of ‘Asian Development Outlook 2014’—ADB’s annual economic publication.
The new ADB says the Indian economy is set to benefit from improved growth in advance economies and a revival of investment, spurred in part by a new government with a strong mandate and a wide-ranging reform agenda.
Launching the new report, ADB chief economist Shang-Jin Wei said, “By advancing its structural reform plans and proceeding with large infrastructure projects, the government (Indian) can spur private sector investment that will build strong growth momentum for the next few years.”
“Given its labor cost advantage and vast overseas diaspora networks, by putting the right policy package in place India could replicate or even exceed its best growth performance of the past,” Shang-Jin added.
In April-June 2014 quarter, India’s economic activity picked up to 5.7 percent—the highest pace in nine quarters. Growth was supported by an upturn in domestic demand led by investment—with fixed investment soaring by 7 percent—and by government spending. The industrial sector expanded by 4.2 percent, its fastest pace in more than two years. Strength in industry was led by manufacturing, which grew 3.5 percent after contracting in three of the previous four quarters.
The report says that recent reforms such as easing environmental and forest clearances for mines, roads, power stations, and irrigation systems, and expanding the role of the government’s project monitoring group, will help speed the implementation of projects in the pipeline.
The report also emphasizes that achieving sustainable growth will require bolder reforms to address land-acquisition issues in order to balance the needs of industry and landowners, streamline regulations and business processes by cutting red tape, and implement a uniform goods and services tax. (RKS)

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 26th Oct 2016

SGS develops 4C chemical management model for apparel

SGS, a leading inspection, auditing, certification, testing, and...

Textiles | On 26th Oct 2016

Platinum Equity acquires International Textile Group

International Textile Group (ITG) has been acquired by Platinum...

Textiles | On 26th Oct 2016

Whitehouse & URI Business Centre start RI textile network

Senator Sheldon Whitehouse and the University of Rhode Island...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Pranav Mishra

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Advanced Search