World Bank raises GDP growth projection for India to 10.1% for FY22

The World Bank has revised upward the GDP growth projections for India by 4.7 percentage points to 10.1 per cent for the financial year 2021-22, due to a strong rebound in private consumption and investment growth. Earlier the bank had pegged the GDP growth at 5.4 per cent for FY22.

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Apart from this, the World Bank has forecast the economy to contract by 8.5 per cent in FY21 (2020-21). The multilateral agency has also projected economic growth at 5.8 per cent for India during FY23 (2022-23).

Important takeaways for all competitive exams:

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

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