World The bank has revised India’s GDP growth forecast for the current fiscal to 6.9 per cent from the earlier estimate of 6.5 per cent due to strong economic activities in the country. According to the latest World Bank report, retail inflation is expected to be 7.1 per cent in 2022-23. India Development Update. However, the report flagged the deteriorating external environment.
India’s growth forecast of 6.9 per cent for FY23 is higher than the World Bank’s earlier estimate of 6.5 per cent given in October. In October, he warned that spillovers from Russia’s invasion ukraine And global monetary tightening will have an impact on the economic outlook. Earlier, the World Bank had earlier estimated 7.5 percent growth.
“India is more resilient now than it was 10 years ago. All the steps taken in the last 10 years are helping India navigate the global headwinds, said World Bank senior economist Dhruv Sharma, according to the news agency. years,
He said that India’s economy has strengthened significantly after the contraction during the pandemic year. “This story of rebound has been largely driven by strong domestic demand.”
The World Bank’s India Development Update states that India is affected by spillovers from the US, the Eurozone and China. However, it saw the government meeting its fiscal deficit target of 6.4 per cent of GDP in 2022-23.
“India is very ambitious. The government has done many things to make the economy resilient and is making a lot of efforts to make the economy dynamic,” said Auguste Tano Coume of the World Bank.
The RBI expects the Indian economy to expand by 7 per cent in the current fiscal year 2022-23, down from its earlier forecast of 7.2 per cent.
India’s gross domestic product (GDP) grew by 6.3 per cent in the September 2022 quarter (Q2FY23), as against 8.4 per cent in the same quarter last year. The Indian economy grew by 13.5 percent in the June 2022 quarter (Q1FY23). The Monetary Policy Committee of RBI also expected GDP to grow by 6.3 per cent during July-September 2022.
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