India’s inflation is expected to stay at 7.1 percent in 2022-23
Expressing optimism, the World Bank on Tuesday said that India’s real GDP would grow at 6.9 percent in the current fiscal, an improvement from its previous projection of 6.5 percent.
In its India Development Update, the global financial institution said that the revised update was mainly due to greater resilience shown by the Indian economy against global shocks and better September quarter figures.
Auguste Tano Kouame, Country Director, World Bank said that India was placed well and its domestic market’s resilience will help it to weather all global shocks.
It has also said that India’s inflation is expected to stay at 7.1 percent in 2022-23. Though it may slide down to 5.2 percent in 2023-24, the World Bank added.
“India’s economy has rebounded robustly post-pandemic, driven by robust domestic demand which has also translated into a widening goods trade deficit,” the report noted.
At the same time, it added that “India is susceptible to sharp movements in foreign portfolio flows, but the capital mix has improved over the last decade with the rising share of FDI”.
The World Bank has revised its GDP estimate downwards for 2023-2024 from 7 percent to 6.6 percent.
[With Inputs from IANS]
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