The World Bank upgrades its prediction for India’s growth this year to 6.9% from 6.5%.

The World Bank increased its growth forecast for India for the current fiscal year 2022–2023 from 6.5% to 6.9% on Tuesday.

 

The World Bank stated that India’s growth prospects were stronger than most other emerging markets when it came to weathering slow global growth and increased commodity prices in its most recent India Development Update report, which was published on Tuesday.

 

The World Bank also referred to India’s second quarter growth rate of 6.3%, which spanned July to September, as a ‘solid outturn.’

 

India’s growth rate decreased from 8.4% recorded in the same quarter last year, according to second quarter Gross Domestic Product figures released last week. The first quarter, which spanned April to June, saw a 13.5% increase in the economy.

 

The World Bank did point out that India has maintained one of the fastest growing major economies in the world despite new hurdles in the global economy because of strong domestic demand.

 

According to Auguste Tano Kouame, country director for India at the World Bank, ‘India’s economy has been extraordinarily robust to the deteriorating external environment, and strong macroeconomic fundamentals have placed it in excellent position compared to other emerging market nations.’

 

The updated World Bank forecast of 6.9% growth for this fiscal year is comparable to the GDP growth India had in the fiscal year prior, 2021–2022. However, a number of rating agencies and economic organisations believe that India’s GDP will contract from the previous fiscal year.