Good news has come for the Indian economy amidst the global recession. The World Bank has raised India’s gross domestic product (GDP) growth forecast for the current fiscal year (2022-23) to 6.9 percent from 6.5 percent. The World Bank has said that the Indian economy is coping well with all the ups and downs amid the global boom. Let us tell you that earlier in October, the World Bank had reduced the estimate of GDP growth rate for the current financial year from 7.5 percent to 6.5 percent. Now the growth rate estimate has been raised again to 6.9 percent.
- Good news for Indian economy amid global recession
- The World Bank has raised India’s GDP growth forecast for the current fiscal year (2022-23) to 6.9 percent from 6.5 percent.
- In the last financial year (2021-22), India’s growth rate was 8.7 percent
The World Bank in its report on India released on Tuesday said that the Indian economy is resilient. Due to this, the second quarter GDP figures have been better than expected. Due to this, the growth rate estimate for the entire financial year is being increased. In the last financial year (2021-22), India’s growth rate was 8.7 percent. The economy grew at a rate of 6.3 percent in the second July-September quarter of the current financial year.
What did the World Bank say?
The World Bank said that the impact of the development of America, Euro area and China is also being seen on India. However, the World Bank has expressed confidence that the government will meet the fiscal deficit target of 6.4 percent in the current fiscal year. The World Bank estimates that inflation will be 7.1 percent in the current fiscal year.
The World Bank had expressed confidence earlier
The World Bank president said a few days ago that India is able to provide food and cash assistance to 85 percent of households in rural areas and 69 percent in urban areas through digital cash transfers. This was a remarkable achievement. India did very well during Corona period. Due to which the poor people did not have to face more difficulties.