World Bank upgrades India’s GDP growth forecast for 2022-23 to 6.9 percent

According to the World Bank, Indian economy is set to grow at 6.9 per cent in 2022-23, raising its forecast of 6.5 per cent growth made in October. In October, it had cut India’s GDP growth forecast to 6.5 per cent from 7.5 per cent earlier. Now, it has upgraded the projection to 6.9 per cent for 2022-23 (April 2022 -March 2023).

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Key points:

• The institution said that the government is expected to meet the fiscal deficit target of 6.4 per cent of the GDP in 2022-23.
• The World Bank saw the government meeting the fiscal deficit target of 6.4 per cent of the GDP in 2022-23. It expected inflation to be 7.1 per cent in current fiscal year.
• 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 per cent of the GDP in 2022-23. It expected inflation to be 7.1 per cent in current fiscal year.

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