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World Bank Projects India’s Growth Forecast To 6.3% In FY24 ; Trimmed By 0.3% From Earlier Prediction

Nehal MaverickApril 4, 20230

The World Bank cuts India’s GDP growth projection to 6.3 percent in its latest India update released on Tuesday, a 0.3 percentage point reduction from its previous projection in December 2020 citing rising borrowing costs and slower income growth are expected to weigh on private consumption growth. It is further stated that government consumption is projected to grow slower due to the withdrawal of pandemic-related fiscal support measures. The report projects that the government is likely to meet its fiscal deficit target of 5.9 percent of GDP in this fiscal and combined with the consolidation in state government deficits, the general government deficit is also projected to decline along with the narrowing of the Current Account Deficit. The CAD (Current Account Deficit) is projecte...

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India’s Expected Economic Growth To Remain At 7.5% In 2022-23: World Bank

Arpita SarkarJune 8, 20220

The wounds of the epidemic have not yet healed. Russia-Ukraine war has become a 'poison on the knees'. In this scenario, the rate of inflation in the retail market in India stands at an eight-year high. On record wholesale inflation. That is why the World Bank is not dreaming of a 'good day' in terms of financial growth. On 'Global Economic Prospects,' the World Bank on Tuesday released a report. The report says, "India's economic growth rate for the current fiscal year 2022-23 could be 7.5 percent. Incidentally, in the last financial year (2021-22), the World Bank said that in the fiscal year 2022-23, India's economic growth rate could be 8.7 percent. Last April, a revised report by the World Bank predicted an 8 percent growth in India. In Tuesday's report, it was further reduced by 0....