World Bank increases India's GDP growth forecast to 6.9% for 2022-23

https://ift.tt/tWzupgB

New Delhi, December 6

The World Bank on Tuesday revised upwards its GDP growth forecast for India to 6.9 per cent for 2022-23, saying the economy is showing higher resilience to global shocks.

In October, it had cut India's GDP growth forecast to 6.5 per cent from the earlier 7.5 per cent. Now, it has upgraded the projection to 6.9 per cent for 2022-23 (April 2022 -March 2023).

In its India Development Update, the World Bank said the revision was due to higher resilience of the Indian economy to global shocks and better-than-expected second quarter numbers.

India's gross domestic product (GDP), which grew 8.7 per cent in the 2021-22 financial year, expanded 6.3 per cent in July-September in the year 2022-23.

The country, however, remains affected by spillovers from the US, Euro area and China.

The World Bank saw the government meeting the fiscal deficit target of 6.4 per cent of the GDP in 2022-23.

It expected inflation to be 7.1 per cent in current fiscal year.

The Tribune