The World Bank on Tuesday raised its gross domestic product (GDP) growth forecast for India for the current financial year (FY23) to 6.9 per cent from 6.5 per cent because of the economy's relative resilience to external headwinds and the "strong outturn" in the September quarter.
This comes after a spate of downgrades earlier by banks and multilateral institutions. The World Bank, too, had cut India's FY23 GDP forecast to 6.5 per cent from 7.5 per cent in October. In fact, this is the first upgrade of India's growth forecast by any multilateral agency in FY23.
The World Bank figure is very close to the Reserve Bank of India's projection for FY23 GDP growth of 7 per cent.
This story is from the December 07, 2022 edition of Business Standard.
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This story is from the December 07, 2022 edition of Business Standard.
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