Crystal ball gazing

Manila-based Asian Development Bank (ADB) has upgraded India’s economic growth forecast to 6.3% for 2015-16 on the hopes of a speedy reform process. The multi-lateral funding agency, however, has retained forecast 5.5% growth in India this year. “With Parliamentary elections over, India is expected to pursue long-delayed reform. India's growth forecast is maintained at 5.5% in fiscal year 2014-15 but upgraded to 6.3% in FY 2015-16 as expected reform bears fruit,” ADB said in a statement. Earlier, ADB had projected 6% in FY16 growth for India in the financial year. Pinning hopes on improved outlook for the largest economy (India) in South Asia, it said that the expansion in the sub-region is expected to reach 5.4% in 2014 and pick up to 6.1% in 2015.

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