India's GDP to grow at 6.3pcin FY24, economy resilient: WB

India’s gross domestic product (GDP) is projected to grow at 6.3per cent in FY24, the World Bank said in its “India Development Update” for October. It has reduced the rate from its previous 6.6per cent forecast in April.

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According to the World Bank, India is expected to grow at 6.4per cent in FY25 and 6.5 in FY26.It foresees fiscal consolidation continuing into FY24, with the central government’s fiscal deficit expected to decline from 6.4per cent to 5.9per cent of GDP.

“Public debt is projected to stabilize at 83per cent of GDP. On the external front, the current account deficit is likely to narrow to 1.4per cent of GDP and will be adequately financed by flows of foreign investment, bolstered by large foreign reserves,” the World Bank further elaborated.