India to grow 8.2% in '10: ADB

The Asian Development Bank (ADB) maintained its growth projection for India at 8.2 per cent for 2010, sharply below the International Monetary Fund (IMF's) 9.4 per cent and even lower than Finance Minister Pranab Mukherjee's conservative estimate of 8.5 per cent. HT reports.

The Asian Development Bank (ADB) maintained its growth projection for India at 8.2 per cent for 2010, sharply below the International Monetary Fund (IMF's) 9.4 per cent and even lower than Finance Minister Pranab Mukherjee's conservative estimate of 8.5 per cent.

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The ADB raised the growth prospects of the Asian economies to 7.9 per cent from 7.5 per cent as exports showed signs of picking up and the impact of stimulus packages began paying dividends

"Better-than-expected results in the first quarter, driven by buoyant exports, strong private demand and sustained stimulus policy effects are behind the revision," the ADB said. In April it had projected a growth of 7.5 per cent for the region.

Besides, India, the ADB kept China's growth projection unchanged at 9.6 per cent.

However, unpredictable private domestic demand, and the risks of sudden capital flows and exchange rate fluctuations could dampen recovery, the ADB said.