World Bank revises upwards India's GDP growth forecast to 6.9 percent for FY23

File Photo

New Delhi: The World Bank on Tuesday revised upwards its GDP growth forecast for India to 6.9 percent for 2022-23, saying the economy was showing higher resilience to global shocks. In October, it cut India's GDP growth forecast to 6.5 percent from 7.5 percent earlier. Now, it has upgraded the projection to 6.9 percent for 2022-23 (April 2022 -March 2023).

In its India Development Update, the World Bank said the revision was due to the higher resilience of the Indian economy to global shocks and better-than-expected second-quarter numbers. India's gross domestic product (GDP), which grew 8.7 percent in the previous 2021-22 financial year, expanded by 6.3 percent in July-September 2022-23. ()

The country however remains affected by spillovers from the US, Euro area, and China. The World Bank saw the government meeting the fiscal deficit target of 6.4 percent of the GDP in 2022-23. It expected inflation to be 7.1 percent in the current fiscal year. ()