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World Bank raises India’s GDP growth forecast to 7.5% for 2023-24

01:51 AM Apr 04, 2024 IST | IANS
world bank raises india’s gdp growth forecast to 7 5  for 2023 24
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New Delhi, Apr 3: The Indian economy is projected to grow at 7.5 per cent in 2024, the World Bank has said, revising its earlier projections for the same period by 1.2 per cent.

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The World Bank has raised India's economic growth forecast by 1.2 per cent to 7.5 per cent for 2023-24, on the back of robust activity in services and industry in its latest update for South Asia.

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The increase in the projected growth rate for the Indian economy comes following the surprise 8.4 per cent surge in the country’s GDP during the Oct-Dec quarter. Finance Minister Nirmala Sitharaman has stated that the economy is on track to post an 8 per cent growth rate in the Jan-March quarter.

However, the World Bank expects the growth rate to moderate to 6.6 in 2025. The expected slowdown mainly reflects a deceleration in investment from its elevated pace in the previous year.

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Over the medium term, fiscal deficit and government debt in India are projected to decline, supported by strong GDP growth and consolidation efforts by the Central government.

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In its latest South Asia Development Update, released on April 2, the World Bank predicts a healthy growth for the region, which is primarily attributed to India's strong performance.

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The report indicates that South Asia is poised to remain the world's fastest-growing region for the next two years, with a projected growth rate of 6.1 per cent in 2025.

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Bangladesh is expected to see a rise in output by 5.7 per cent in 2024-25, while Pakistan's economy is projected to grow by 2.3 per cent and Sri Lanka's GDP growth is expected to increase by 2.5 per cent during this period.

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