Mahindra & Mahindra Group Chairman Anand Mahindra today reacted to the World Bank’s forecast of India’s GDP growth. The World Bank has revised India’s GDP forecast for this fiscal to 6.9%. It is noteworthy that the bank had reduced India’s GDP growth forecast to 6.5% from 7.5% in October. Mahindra said it is rare to see an improvement in GDP estimates these days. He added that it would be encouraging if India beats this forecast to grow at more than 7%.
“It’s rare to see an upgrade in a GDP forecast these days. Now, what would be really encouraging is if we could make even this forecast obsolete and take our GDP above the 7% bar!” Mahindra said in a tweet.
The World Bank revised India’s GDP growth forecast to 6.9% for 2022-23, saying the Indian economy was showing high resilience to global shocks.
It is rare to see an upgrade in GDP forecast these days. Now, the really encouraging thing would be if we could make even this forecast obsolete and get our GDP above the 7% bar! https://t.co/JIy5ubXYol— anand mahindra (@anandmahindra) December 6, 2022
In another tweet, Mahindra said India’s biggest ‘natural’ resource is human capital and that is why he is optimistic about the country’s continued growth in a volatile world.
This is the first upgrade of India’s growth forecast by any international agency amid global turmoil. The report titled ‘Navigating the Storm’ said that while a deteriorating external environment will weigh on India’s growth prospects, the economy is relatively well-positioned to weather global spillovers compared to most other emerging markets.
In its India Development Update, the World Bank said the revision was due to the higher resilience of the Indian economy to global shocks and better-than-expected second quarter numbers. India’s economy grew at 6.3 per cent in the September quarter 2022-23, compared to 13.5 per cent in the previous June quarter, mainly due to contraction in output from the manufacturing and mining sectors.
(with agency inputs)