The Asian Development Bank on Friday suggested that policy makers in India should consider making the Consumer Price Index the main barometer of inflation as the current system of measuring the rate of price rise on both retail and wholesale prices is creating confusion.

The Asian Development Bank (ADB) plans to channel around $700 million from two new investment funds to its developing member countries as part of a broad global initiative to help developing countries meet the cost of actions needed to combat climate change.

India's economic growth is expected to slow down to 5.0 per cent in 2009, while the expansion in China is likely to be at 7 percent in the same year, a report by the Asian Development Bank has said.

India hopes to increase its share in the quotas of multilateral development banks like the International Monetary Fund and Asian Development Bank, after major stakeholders in them bring forward the issue of quota review and expanding in accordance with current realities that will give proper representation to the emerging economies.

India's economy will expand at the slowest pace in seven years with the World Bank, Asian Development Bank and a grouping of developed nations expecting growth to be knocked down to 4-5 per cent in 2009-10.