The World Bank on Tuesday revised its GDP growth forecast for India to 6.9 per cent for 2022-23, saying the economy was showing high resilience to global shocks. In October, it cut India’s GDP growth forecast to 6.5 percent from 7.5 percent earlier. Now, it has increased the projection for 2022-23 (April 2022-March 2023) to 6.9 per cent.
In its India Development Update, the World Bank said the revision was due to higher resilience of the Indian economy to global shocks and a better-than-expected second quarter.
India’s gross domestic product (GDP), which grew by 8.7 per cent in the previous fiscal year 2021-22, grew by 6.3 per cent in July-September 2022-23.
However, the country remains affected by spillovers from the US, the Eurozone and China. The World Bank sees the government meeting its fiscal deficit target of 6.4 per cent of GDP in 2022-23. The inflation rate is expected to be 7.1 per cent in the current financial year.
with PTI inputs