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India GDP: International organizations keep releasing their estimates for India’s economy from time to time. Now a better estimate for India’s GDP has come from such a respected organization, knowing which you will be happy. The World Bank has increased its earlier estimate for India’s GDP and has given a valid reason for the same.
World Bank released the estimate for India’s GDP
The World Bank has increased India’s GDP growth forecast for the current financial year (2022-23) to 6.9 per cent. The World Bank had earlier estimated India’s GDP to grow at a rate of 6.5 per cent. The World Bank has said that the Indian economy is showing resilience amid adverse developments globally.
World Bank had reduced the estimate for GDP in October
Earlier in October, the World Bank had reduced the growth rate forecast for the current financial year from 7.5 per cent to 6.5 per cent. Now he has again increased the estimate of the growth rate to 6.9 percent. In this way, revising India’s GDP estimate again and again shows that the World Bank is keeping a close watch on India.
GDP figures for the second quarter better than expected – World Bank
The World Bank has said in its latest report related to India released today that the Indian economy remains combative and the second quarter GDP figures have been better than expected. Because of this, the estimate of the growth rate for the entire financial year is being increased.
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Recent GDP figures
India’s GDP rate in the last financial year (2021-22) was 8.7 percent. In the second July-September quarter of the current financial year, the Indian economy grew at a rate of 6.3 per cent. The World Bank said, “The impact of developments in the US, the Eurozone and China is also being seen in India.”
The World Bank gave this estimate on the inflation rate
However, the World Bank has expressed confidence that the government will achieve the fiscal deficit target of 6.4 per cent in the current financial year. The World Bank estimates that India’s inflation rate will also remain at 7.1 percent in the current financial year.
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