Image Source : FILE PHOTO A representational picture of World Bank.
The World Bank has decided to retain its GDP growth projection for India in the financial year 2023-24 at 6.3 percent. In its latest India Development Update (IDU), a semi-annual report on the Indian economy, the World Bank noted that India has demonstrated resilience amidst a challenging global environment. Earlier this year, the World Bank had revised India’s growth forecast for 2023-24 from 6.6 percent to 6.3 percent in its April report.
Despite substantial global challenges, the World Bank highlighted that India emerged as one of the fastest-growing major economies in the fiscal year 2022-23, with a growth rate of 7.2 percent. This growth rate was the second-highest among G20 countries and nearly double the average for emerging market economies. The report attributes this resilience to robust domestic demand, substantial public infrastructure investments, and a strengthening financial sector.
Latest Business News
Source link
