World Bank upgrades India's GDP growth forecast to 6.9% for FY23

India is affected by spill overs from the United States, the European Union, and China, according to the World Bank's India Development Update

FPJ Web DeskUpdated: Tuesday, December 06, 2022, 12:58 PM IST
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The World Bank on Tuesday revised upwards its GDP growth forecast for India to 6.9 per cent for 2022-23, saying the economy was showing higher resilience to global shocks.

In October, it had cut India's GDP growth forecast to 6.5 per cent from 7.5 per cent earlier. Now, it has upgraded the projection to 6.9 per cent for 2022-23 (April 2022 -March 2023).

In its India Development Update, the World Bank said the revision was due to higher resilience of the Indian economy to global shocks and better-than-expected second quarter numbers.

India's gross domestic product (GDP), which grew 8.7 per cent in previous 2021-22 financial year, expanded 6.3 per cent in July-September 2022-23.

The World Bank's India Development Update said India is affected by spill overs from the US, Euro area and China.

The World Bank saw the government meeting the fiscal deficit target of 6.4 per cent of the GDP in 2022-23.

Inflation is expected to be 7.1 percent in FY23, according to the World Bank.

With inputs from Agencies.

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