While releasing its Outlook 2014 Asian Development Bank, ADB, has said India's GDP is poised to accelerate to 5.5 per cent in 2014-15 on the back of improved performance in industry and services. The report further said that the current account deficit (CAD) is estimated to have narrowed sharply to 2.2 per cent of GDP in 2013-14, from 4.7 per cent a year earlier.
The report said the growth is expected to rise further to 6.0 per cent in 2015-16 as the recovery in advanced economies will bolster external demand. Further it said sustained economic recovery will have to be led by government actions to remove some structural bottlenecks impeding industry and investment.
Indian economy, according to Central Statistical Office (CSO), is estimated to record a growth rate of 4.9 per cent in 2013-14, up from decade's low of 4.5 per cent posted in the previous financial year. The economy has been growing at 9 per cent before the growth rate was pulled down by 2008 global financial meltdown.
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