Categories: Economy

World Bank cuts India GDP forecast to 7.5%

The World Bank has slashed its growth forecast for India for the current financial year to 7.5 percent, a hefty 1.2 percentage points down from its previous forecast of 8.7 percent. Writing in its latest Global Economic Prospects report released, the World Bank said it cut India’s GDP growth forecast due to headwinds from rising inflation, supply chain disruptions, and geopolitical tensions.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

Key points of the report:

  • The bank sees India’s growth slowing further to 7.1 percent in FY24. This is 30 basis points higher than the previous forecast of 6.8 percent. For FY25, GDP growth has been pegged at 6.5 percent.
  • One basis point is one-hundredth of a percentage point. While the downward revision in the growth forecast for FY23 is large, it remains higher than local projections.
  • The Reserve Bank of India (RBI), for instance, has pegged GDP growth for FY23 at 7.2 percent. There is a chance this figure may be lowered on June 8 when the Monetary Policy Committee (MPC) announces its latest interest rate decision.

Important takeaways for all competitive exams:

  • World Bank Headquarters: Washington, D.C., United States;
  • World Bank Formation: July 1944;
  • World Bank President: David Malpass.

Find More News on Economy Here

Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.

Recent Posts

Epigamia Co-Founder Rohan Mirchandani Passes Away 42

Rohan Mirchandani, the co-founder of the popular brand Epigamia, tragically passed away at the age…

3 mins ago

India Clinches Women’s U19 T20 Asia Cup title

India clinched the inaugural U10 Women's Asia cup T20 title by defeating Bangladesh by 41…

38 mins ago

Govt Infuses ₹500 Cr in IFCI to Boost Financial Health

The Indian government has decided to infuse ₹500 crore into the state-owned Industrial Finance Corporation…

43 mins ago

Top-10 Tourist Places in Uttar Pradesh, Check the List

Uttar Pradesh, a state in northern India, is home to many famous tourist attractions. From…

44 mins ago

Kejriwal Launches Dr Ambedkar Scholarship for Dalit Students Abroad

Arvind Kejriwal, the AAP supremo, unveiled the Dr Ambedkar Samman Scholarship, a scheme designed to…

1 hour ago

Govt Forms Committee to Assess IAF’s Capability Development Amid Rising Threats

The Indian Government has formed a high-level committee under Defence Secretary Rajesh Kumar Singh to…

2 hours ago