FY’23: World Bank revises India’s GDP growth forecast from 6.5% to 6.9%

World Bank revised upwards its GDP growth forecast for India to 6.9 percent for 2022-23, stating that the economy was showing higher resilience to global shocks

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

New Delhi: The World Bank on Tuesday revised upwards its GDP growth forecast for India to 6.9 percent for 2022-23, stating that the economy was showing higher resilience to global shocks. In October, it had cut India’s GDP growth forecast to 6.5 percent from 7.5 percent earlier. Now, it has upgraded the projection to 6.9 percent for 2022-23 (April 2022 -March 2023). In its India Development Update, the World Bank said that the revision was due to higher resilience of the Indian economy to global shocks and better-than-expected second quarter numbers.

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Govt meets fiscal deficit target of 6.4% of the GDP

The World Bank also noted that the government meeting the fiscal deficit target of 6.4 percent of the GDP in 2022-23. India’s gross domestic product (GDP), which grew 8.7 percent in previous 2021-22 financial year, expanded 6.3 percent in July-September 2022-23. The country however remains affected by spillovers from the US, Euro area and China. It expected inflation to be 7.1 percent in current fiscal year.

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