The World Bank has retained Indias GDP growth forecast for the financial year 2023-24 at 6.3% and noted that the country continued to show resilience against the backdrop of a challenging global environment.The World Bank in its April report had cut Indias growth forecast for 2023-24 to 6.3% from the earlier 6.6%.According to World Banks latest India Development Update (IDU), the World Bank has retained Indias GDP growth forecast for the financial year 2023-24 at 6.3% and noted that the country continued to show resilience against the backdrop of a challenging global environment.According to World Banks latest India Development Update (IDU), the World Bank has retained Indias GDP growth forecast for the financial year 2023-24 at 6.3% and noted that the country continued to show resilience against the backdrop of a challenging global environment. pic.twitter.com/G80Kugz0mT— ANI (@ANI) October 3, 2023As per the official statement by the World Bank, “Indias growth rate was the second highest among G20 countries and almost twice the average for emerging market economies. This resilience was underpinned by robust domestic demand, strong public infrastructure investment and a strengthening financial sector.”In addition to this, it is anticipated that Indias service sector will remain strong with growth of 7.4% and investment growth is also projected to remain robust at 8.9%.Meanwhile, Auguste Tano Kouame, World Banks Country Director in India said, “An adverse global environment will continue to pose challenges in the short-term. Tapping public spending that crowds in more private investments will create more favourable conditions for India to seize global opportunities in the future and thus achieve higher growth.”Further, the World Bank expects fiscal consolidation to continue in 2023-24 with the central government fiscal deficit projected to continue to decline from 6.4% to 5.9% of GDP.
