World Bank upgrades India’s GDP growth forecast for 2022-23 to 6.9 percent

World Bank upgrades India’s GDP growth forecast for 2022-23 to 6.9 percent: The World Bank has increased its projection of 6.5% growth made in October to 6.9% growth for the Indian economy in 2022–2023. 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).

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Key points:

According to the institution, in 2022–2023, the government is anticipated to achieve the budget deficit target of 6.4% of GDP. 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. The country however remains affected by spillovers from the US, Euro area and China. The World Bank saw the government meeting the fiscal deficit target of 6.4 per cent of the GDP in 2022-23. Inflation was projected to be 7.1% in the current fiscal year.