Business / India set to grow at 7.2 per cent this fiscal on rising consumption: Asian Development Bank

Export demand, is likely to soften in 2019 in line with the weaker global environment and muted forecast for semiconductor exports, before picking up slightly in 2020. India's growth is set to pick up and is expected to grow at 7.2 per cent in the current fiscal on strengthening consumption, Asian Development Bank said in its flagship. It is expected to rebound to 7.2 per cent in 2019 and 7.3 per cent in 2020.

Export demand, on the other hand, is likely to soften in 2019 in line with the weaker global environment and a muted forecast for semiconductor exports, before picking up slightly in 2020.

"Growth, overall, remains solid with domestic consumption strong or expanding in most economies around the region. This is softening the impact of slowing exports,” said ADB Chief Economist Yasuyuki Sawada.

“Uncertainty clouding the outlook remains elevated,” Sawada added.