The World Bank on Tuesday raised India’s growth projection for the current fiscal year 2022-’23 to 6.9%, from its October estimate of 6.5%.
In its latest India Development Update report released on Tuesday, the World Bank said that India’s growth prospects were better than most other emerging markets, when it came to weathering slow global growth and higher commodity prices.
The World Bank also described India’s growth rate of 6.3% in the second quarter that ran from July to September as a “strong outturn”.
The second quarter Gross Domestic Product numbers released last week showed that India’s growth rate slowed down from 8.4% recorded in the same quarter last year. In the first quarterthat ran from April to June, the economy had grown by 13.5%.
However, the World Bank noted that despite challenges emerging in the global economy, India has remained one of the fastest growing major economies in the world due to robust domestic demand.
“India’s economy has been remarkably resilient to the deteriorating external environment, and strong macroeconomic fundamentals have placed it in good stead compared to other emerging market economies,” said Auguste Tano Kouame, World Bank’s country director for India.
The revised World Bank estimate of a 6.9% growth in this financial year is at par with the GDP growth India recorded in the previous financial year of 2021-’22. Several rating agencies and economic bodies have, however, predicted that India’s economy will slow down from the last fiscal year.
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