The World Bank has retained India’s GDP growth forecast for the financial year 2023-24 at 6.3 per cent and noted that the country continued to show resilience against the backdrop of a challenging global environment.
The World Bank in its April report had cut India’s growth forecast for 2023-24 to 6.3 per cent from the earlier 6.6 per cent.
Wenesday Rate
Friday 27 Dec. 2024
According to the World Bank’s latest India Development Update (IDU) released Tuesday, the international financial institution’s flagship half-yearly report on the Indian economy, observed that despite significant global challenges, India was one of the fastest-growing major economies in 2022-23 at 7.2 per cent.
“India’s growth rate was the second highest among G20 countries and almost twice the average for emerging market economies. This resilience was underpinned by robust domestic demand, strong public infrastructure investment and a strengthening financial sector,” World Bank said.
This fiscal, bank credit in India grew 15.8 per cent in the first quarter compared with 13.3 per cent in the first quarter of previous fiscal.
India’s service sector activity is expected to remain strong with growth of 7.4 per cent and investment growth is also projected to remain robust at 8.9 per cent.
