World Bank mentions India's growth forecast amid the global turmoil.
Prachi Kiran
What's inside?
Indian Economy at a glance:
The Indian Economy shows a higher resilence at global level amid the econoic crisis.
According to the World Bank, the GDP growth forecast for India will be 6.9% for 2022-23
In October, the World Bank had cut India's GDP growth forecast to 6.5% from its earlier projection of 7.5%.
This is the first upgrade of India's growth forecast by any international agency amid the global turmoil.
The Economic State:
India's economy grew at 6.3% in September quarter 2022-23 as compared to 13.5% in the preceding June quarter, mainly on account of contraction in output of manufacturing and mining sectors.
The economy of India is relatively well positioned as compared to other emerging markets.
According to the World Bank's report, 'Navigating the Storm':
The Indian economy will experience lower growth in 2022-23 compared to 2021-22 (8.7%), it said.
Despite these challenges, the World Bank expects India to register a strong GDP growth due to a robust domestic demand.
India has a large domestic market and is relatively less exposed to international trade flows. Though it is impacted by the global spillovers.
India, however, remains affected by spillovers from the US, Euro area, and China.
Indian market:
India requires continued vigilance as adverse global developments persist, stated by the World Bank's country director in India.
In spite of that,
The report projected India to grow at a slightly lower rate of 6.6% in 2023-24.