United Nation Economic and Social Commission for Asia and the Pacific,ESCAP has estimated that the Indian economy will grow at 5.5 percent in the current fiscal. Annual report on Economic and Social Survey of Asia and the pacific 2014 released in New Delhi today said, Asia -Pacific developing economies are experiencing yet another year of subdued growth.The report forecast that the region will grow at 5.8 percent this year. The report also called for quick action on the removal of domestic structure constraints and unlocking of fiscal space to help stimulate growth and support social development in the region. The survey highlighted that inflationary pressure and infrastructure shortage would be main reasons of slowing down growth in the region. The Survey estimated that overall inflation in the current financial year would be hovering around 8 percent. Addressing the programme, Secretary to Prime Minister's Economic Advisory Council, Alok Sheel said that tackling the inflation in the country is a big challenge and there is need to work upon it. He also said that there is need to look upon why inflation is persisting when there is trend of global de-inflation. ESCAP proposed the establishment of an Asia-Pacific Tax Forum for tackling tax evasion and tax fraud.