World Bank upgrades India's GDP growth forecast to 6.9% for FY23; expects inflation to be above 7%

The World Bank on Tuesday, December 6, revised upwards its GDP growth forecast for India to 6.9 per cent for 2022-23 from 6.5 per cent earlier. World Bank's India Development Update said India is affected by spillovers from the US, Euro area and China. It added that 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 institution said that the government is expected to meet the fiscal deficit target of 6.4 per cent of the GDP in 2022-23.

The World Bank saw the government meeting the fiscal deficit target of 6.4 per cent of the GDP in 2022-23. It expected inflation to be 7.1 per cent in current fiscal year.

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