Chief Economist of Asian Development Bank Yasuyuki Sawada has said that India’s projected GDP growth of over seven percent for the current fiscal is amazingly fast. “If this momentum is maintained, the size of the economy can double within a decade”, Sawada added.
He also said that India should not worry about not achieving eight percent growth but focus on increasing domestic demand by reducing the income inequality as growth is driven more by domestic consumption than exports.
Sawada also stated that inequality and poverty reduction would play a very important role in achieving higher growth as consumption can stimulate more production and thus, more employment.
The services sector too would play a role in pushing up economic growth, he added.