World Bank upgrades India's GDP growth forecast to 6.9%
Hindustan Times|December 07, 2022
Multilateral agency says India is well placed to navigate global headwinds
Rajeev Jayaswal
World Bank upgrades India's GDP growth forecast to 6.9%

NEW DELHI: The World Bank on Tuesday revised India's 2022-23 GDP growth forecast upward to 6.9% from 6.5% estimated in October after factoring in "a strong outturn" in the second quarter of the current financial year. India is "well placed" to navigate global headwinds, it said.

The World Bank's India Development Update report Navigating the Storm upgraded the country's growth prediction on the basis of its September quarter performance "driven by strong private consumption and investment" that saw 6.3% growth in its GDP.

"The government's focus on bolstering capital expenditure also supported domestic demand in the first half of FY 22/23. In addition, India overtook the UK to become the fifth largest economy in the world," the multilateral bank said. "High-frequency indicators indicate continued robust growth of domestic demand at the start of Q3 FY22/23." India grew 13.5% in the first quarter of 2022-23.

This is the first report of any international institution to upwardly revise India's economic performance, even as growth forecasts of major economies have been downgraded significantly.

This story is from the December 07, 2022 edition of Hindustan Times.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

This story is from the December 07, 2022 edition of Hindustan Times.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

MORE STORIES FROM HINDUSTAN TIMESView All
Palestinian PM Resigns Citing 'New Reality' Of War In Gaza
Hindustan Times

Palestinian PM Resigns Citing 'New Reality' Of War In Gaza

The United States and other powers have called for a reformed Palestinian Authority to take charge of all Palestinian territories after the end of war

time-read
1 min  |
February 27, 2024
Future Perfect: The Kids Are All Right
Hindustan Times

Future Perfect: The Kids Are All Right

Gill and Jurel hold out promise by simplifying a challenging chase to help India seal series

time-read
4 mins  |
February 27, 2024
Akshay feels 'blessed' to have worked with OG Ramayan cast
Hindustan Times

Akshay feels 'blessed' to have worked with OG Ramayan cast

Director Akshay K Agarwal shot a music video, Humare Ram Aaye Hai, with the cast of the 1987 TV show, Ramayanactors Arun Govil, Dipika Chikhlia and Sunil Lahri - in Ayodhya recently.

time-read
1 min  |
January 22, 2024
Musk's firm gets nod for Sat Net; joins Jio, Bharti
Hindustan Times

Musk's firm gets nod for Sat Net; joins Jio, Bharti

Starlink, owned by billionaire Elon Musk, has been allowed to offer satellite broadband services in India, two officials aware of the development said.

time-read
2 mins  |
January 22, 2024
A temple, 169 years in the making
Hindustan Times

A temple, 169 years in the making

Through decades of design and reworks, hurdles in engineering and construction, HT pieces together how the grandeur of the Ram Temple was reclaimed

time-read
8 mins  |
January 22, 2024
'Political interference' forces Vihari to quit Andhra cricket
Hindustan Times

'Political interference' forces Vihari to quit Andhra cricket

After Andhra bowed out of the Ranji Trophy at the quarter-final stage with a four-run defeat to Madhya Pradesh in Indore on Monday, senior batter Hanuma Vihari launched a scathing attack on the Andhra Cricket Association (ACA), saying he will never turn up for the state again.

time-read
2 mins  |
February 27, 2024
Shafali, Kapp lead Capitals to a 9-wicket win over Warriorz
Hindustan Times

Shafali, Kapp lead Capitals to a 9-wicket win over Warriorz

A blazing fifty by Shafali Verma (64₹, 43 balls) helped Delhi Capitals make a mockery of a target of 120 and open their account in the second edition of the Women's Premier League (WPL).

time-read
2 mins  |
February 27, 2024
Making 'unbelievable things believable', the Ayhika way
Hindustan Times

Making 'unbelievable things believable', the Ayhika way

The India No. 7 was an inspired pick for the world team event and she repaid the faith, beating the Chinese world No.1

time-read
3 mins  |
February 27, 2024
'Connected TVs to reach 45 mn by 2024-end in India'
Hindustan Times

'Connected TVs to reach 45 mn by 2024-end in India'

With improvement in broadband penetration, Indian households are increasingly opting for connected or addressable TVs.

time-read
1 min  |
February 27, 2024
India chip strategy makes progress as $21 billion in proposals received
Hindustan Times

India chip strategy makes progress as $21 billion in proposals received

The Indian government, after years of watching from the sidelines of the chips race, now has to evaluate $21 billion of semiconductor proposals and divvy up taxpayer support between foreign chipmakers, local champions or some combination of the two.

time-read
1 min  |
February 27, 2024