World Bank makes upward revision of India's growth forecast
The World Bank has revised India's 2022-23 GDP growth forecast upward to 6.9 per cent from the earlier estimate of 6.5 per cent, due to robust economic activities according to Dhruv Sharma, Senior Economist at the World Bank.
"India is more resilient now than it was 10 years ago. All steps taken over the past 10 years are helping India navigate the global headwinds," Sharma said.
He added that 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" said Sharma.
"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" said Auguste Tano Kouame, World's Bank's Country Director in India.
"However, continued vigilance is required as adverse global developments persist," he said.
The report forecasts that the India economy will grow at a slightly lower rate at 6.6 per cent in the 2023-24 fiscal year. A challenging external environment will affect India's economic outlook through different channels.