New Delhi, Dec 6 : Considering Indian economy’s strong outturn in July-September quarter (Q2) and it being better placed to withstand global shocks, World Bank has revised India’s GDP estimate upward from 6.5% earlier to 6.9% now for financial year 2022-23. India’s economy has demonstrated resilience despite a challenging external environment, the World Bank has said in its latest India Development Update.
The report titled “Navigating the Storm” has found that while the deteriorating external environment will weigh on India’s growth prospects, the economy is relatively well positioned to weather global spillovers compared to most other emerging markets.
Impact of a tightening global monetary policy cycle, slowing global growth and elevated commodity prices will mean that the Indian economy will experience lower growth in the 2022-23 financial year compared to 2021-22, the report has said. “Despite these challenges, the update expects India to register a strong GDP growth and remain one of the fastest growing major economies in the world, due to robust domestic demand,” the report said.
“India’s economy has been remarkably resilient to the deteriorating external environment, and strong macroeconomic fundamentals have placed it in good stead compared to other emerging market economies. However, continued vigilance is required as adverse global developments persist,” Auguste Tano Kouame, World Bank’s Country Director in India, said.
