New Delhi, 07 June (Hindustan Times). The World Bank has reduced the estimate of India’s economic growth rate. The World Bank has reduced India’s Gross Domestic Product (GDP) forecast to 6.3 per cent in the current financial year 2023-24. This is 0.3 percent less than the previous estimate made by the World Bank in January.
In its latest report released on Global Economic Prospects, the World Bank has projected India’s economic growth rate to be 6.3 per cent for the financial year 2023-24. According to the World Bank report, India is witnessing an unprecedented pick-up in private consumption and investment. Along with this, the growth of services is also strong.
Apart from this, the global growth rate is estimated to decline to 2.1 percent in 2023, from 3.1 percent in 2022, in the report. World Bank President Ajay Banga said that employment is the surest way to reduce poverty and spread prosperity. Slowing growth means job creation will also be difficult.
It is noteworthy that Fitch Ratings has projected India’s GDP growth to be 6 percent for the financial year 2023-24. However, according to the data released last week by the National Statistical Office (NSO), India’s economic growth rate in the financial year 2022-23 has been 7.2 percent, compared to 9.1 percent in the previous financial year 2021-22.
