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Monday, July 22, 2024

World Bank Retains India’s GDP Growth at 6.3 % for 2023-24 Despite Global Headwinds

The World Bank has decided to maintain its GDP growth forecast for India in the fiscal year 2023-24 at 6.3 percent. This decision comes despite significant external challenges, reflecting India’s strong economic growth.

In its April report, the World Bank had previously reduced India’s growth forecast for 2023-24 from 6.6 percent to 6.3 percent. However, the latest India Development Update (IDU), the World Bank’s flagship half-yearly report on the Indian economy, highlights that India remained one of the fastest-growing major economies in 2022-23, achieving a growth rate of 7.2 percent.

This indicates that, despite global headwinds and uncertainties, India has demonstrated resilience and robust economic performance. The World Bank’s decision to maintain the growth forecast at 6.3 percent suggests confidence in India’s ability to sustain its economic momentum in the face of challenges.

For more updates stay tuned to FELA News!

Source: All India Radio

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