The World Bank increased its growth prediction for India’s economy this year to 6.9% despite of a worsening external environment. The reason given was the country’s strength in the economic sector in recent years.
Despite inflationary pressures and tighter financial conditions, the GDP expanded by 6.3% in July.
The government’s focus on increasing capital spending, In its most recent times the Bank highlighted that high-frequency indicators point to continuing the strong growth of domestic demand at the beginning of Q3 (the October to December quarter).
When compared to other developing market countries, India’s economy has shown to be exceptionally strong because of solid macroeconomic factors. Mr. Kouame (World Bank’s country director in India) said that Jobs are being produced but in an unorganized sector.
The Bank predicts that the Indian economy would expand at a somewhat slower 6.6% in 2023–2024 due to many factors including a difficult external environment and weak global growth.
