The growth rate of India for the previous fiscal year was 7.1 per cent. Sawada said during a media briefing that a growth of over 7 per cent is high as compared to the economies of other emerging markets as well as China. The new bankruptcy law adopted by the government has improved the business environment of the country and is a short-term and medium-term factor behind India's gross acceleration.
He added that demonetisation led to a short-term decline in cash transactions, but ADB's data analysis shows that its impact was short-lived. ADB still believes that the Indian economy will witness medium-term growth acceleration.
The overall export performance of the country has also been positive so far, in spite of rupee appreciation, added Sawada.
ADB's 4-day 50th annual meeting has begun in Yokohama, Japan. It is being attended by the Central bank governors and finance ministers of all member nations. (KD)
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