Asian Development Bank and India: Fact Sheet

Abstract

Updated yearly, this ADB Fact Sheet provides social and economic indicators on India as well as concise information on ADB's operations in the country and contact information. Mainly as a result of the economic reforms initiated in 1991, India’s long-term trend rate of growth increased from 3.6% during the 1950s–1970s, to 5.2% in the 1980s, 6.1% in the 1990s, and to more than 9% during fiscal year (FY)2005–FY2007. Like other emerging economies, India is currently being affected by the turmoil and uncertainty in global financial markets and the world economy. Growth in FY2007 was 9% as compared to 9.7% in FY2006 and 9.5% in FY2005. The Government has taken several monetary and fiscal measures to enhance demand, boost credit flows, and lower interest rates to counter a possible slowdown. The Indian economy has strong fundamentals (high savings and investment rates), and has been powered mainly by the growth of domestic consumption and investment—unlike other economies that depend heavily on exports. The economy grew at about 7% in FY2008—commendable under the circumstances.