The World Bank increased its estimate of India’s GDP growth to 6.9 percent for 2022-23, up from the 6.5 percent predicted previously. The World Bank has raised India’s GDP growth prediction for the current financial year due to the country’s strong economic performance.
According to the World Bank’s latest India Development Update, retail inflation is expected to be 7.1% in 2022-23. The report, on the other hand, has shown a deteriorating external environment. The report indicated that spillovers from the United States, the European Union, and China have an impact on India. Furthermore, the bank sees India as one of the fastest-growing big economies.
According to Dhruv Sharma, Senior Economist at The World Bank, India’s GDP has recovered pretty well from the past year’s downturn. The story of the recovery has been primarily driven by healthy domestic demand. He stated that India is more resilient now than it was ten years ago and that all initiatives undertaken in the last ten years have assisted India in navigating global headwinds.
India's economy has rebounded fairly robustly following the contraction that occurred during the pandemic year. This story of the rebound has been driven largely by robust domestic demand: Dhruv Sharma, Senior Economist, The World Bank pic.twitter.com/mdnWPMhUG2
— ANI (@ANI) December 6, 2022
“Rupee has depreciated by just about 10% over the course of this year. India has not fared that badly compared to other emerging markets,” Sharma said.
In addition, India, according to Auguste Tano Kouame, is tremendously ambitious. He stated that the government has done a number of things to strengthen the economy and is working hard to make it more vibrant.
India is very ambitious. The government has done a number of things to make the economy resilient and is putting a lot of effort to make the economy dynamic: Auguste Tano Kouame, World Bank pic.twitter.com/ZGLCegYSP4
— ANI (@ANI) December 6, 2022
The Reserve Bank of India predicts the Indian economy to grow by 7% in the fiscal year 2022-23, down from 7.2 percent before. India’s GDP increased by 6.3 percent in the September 2022 quarter (Q2FY23), compared to 8.4 percent in the same quarter the previous year.
In the June 2022 quarter, the Indian economy grew by 13.5%. (Q1FY23). The RBI’s Monetary Policy Committee forecasted GDP growth of 6.3% from July to September 2022.
