The World Bank has revised the GDP growth forecast for India from 6.5 per cent to 6.9 per cent for 2022-23. In its latest India Development Update, the World Bank said India is impacted by spillovers from China, Europe and the United States.
While expecting the inflation to be at 7.1 per cent in the current fiscal year, the World Bank saw the Narendra Modi government meeting the fiscal deficit target of 6.4 per cent of the GDP in 2022-23.
The World Bank said the revision in its India Development Update was due to the Indian economy’s higher resilience to global shocks and better-than-expected numbers in the second quarter.
India’s gross domestic product (GDP) expanded by 6.3 per cent in July-September 2022-23. To note, the GDP had grown 8.7 per cent in the previous 2021-22 financial year.
The World Bank had in October slashed India’s GDP growth forecast from 7.5 per cent to 6.5 per cent. Now, the forecast has upgraded to 6.9 per cent for 2022-23 (April 2022 -March 2023).