ADB scales down India's growth to 7.4% for FY18

On course to remain the fastest-growing major economy, ahead of China

The Asian Development Bank (ADB) announced it had cut India’s economic growth projection to 7.4 per cent for 2017-18, from an earlier estimate of 7.8 per cent.

The earlier estimate was issued in March 2016, well before demonetisation and its effect. At 7.4 per cent, though, India will continue to be the fastest-growing major economy in the world. China’s economic expansion is projected by ADB at 6.5 per cent in 2017, from 6.7 per cent in 2016. 

Also, ADB has forecast developing Asia to post its slowest annual growth in 16 years, at 5.7 per cent this year. This category