In India update, World Bank lifts GDP growth forecast to 6.9%

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This adjustment to its FY23 GDP prediction comes two months after the Bank slashed India’s FY23 GDP forecast to 6.5% from 7.5% in an October update, following a series of growth downgrades by rating agencies, investment banks, and other multilateral organizations.“India’s economy has been remarkably resilient to the deteriorating external environment, and strong macroeconomic fundamentals have placed it in good stead compared to other emerging market economies,” Auguste Tano Kouame, World Bank’s country director in India, said in the agency’s latest India Development Update, “considering a strong out-turn in India in the second quarter (July-September) of the 2022-23 financial year”.

According to the research, the economy will grow at a slightly lower rate of 6.6 percent in fiscal FY24, down from the previously expected 7 percent.