Asian Development Bank (ADB) on Monday marginally cut economic growth projection for Asia and Pacific region for 2016, though India is likely to meet 7.4 per cent and 7.8 per cent growth forecast for this and the following year. ADB said it has cut its 2016 growth projection for developing economies in Asia and the Pacific to 5.6 per cent from earlier forecast of 5.7 per cent.
“South Asia, meanwhile is expected to be the fastest growing subregion, led by India, whose economy has shrugged off global headwinds and is on track to meet ADB’s March fiscal year 2016 (year to March 2017) projected growth target of 7.4 per cent, supported by brisk consumer spending and an uptick in the rural economy”, ADB said in a supplement to its Asian Development Outlook 2016 report.