global recession Good news has come for the Indian economy. In fact, the World Bank has increased India’s gross domestic product (GDP) growth forecast for the current financial year (2022-23) from 6.5 percent to 6.9 percent. The World Bank has said that amidst the developments at the global level, the Indian economy is facing all the ups and downs well. Let us tell you, earlier in October, the World Bank had reduced the estimate of GDP growth rate for the current financial year from 7.5 percent to 6.5 percent. Now the estimate of the growth rate has again been increased to 6.9 percent.
Because of this the World Bank increased the GDP estimate
The World Bank in its report related to India released on Tuesday said that the Indian economy remains resilient. Due to this, the second quarter GDP figures have been better than expected. Because of this, the estimate of the growth rate for the entire financial year is being increased. India’s growth rate in the last financial year (2021-22) was 8.7 percent. The economy grew at a rate of 6.3 per cent in the second July-September quarter of the current financial year.
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What did the World Bank say?
The World Bank said that the impact of the developments in America, Euro area and China is also being seen on India. However, the World Bank has expressed confidence that the government will meet the fiscal deficit target of 6.4 per cent in the current financial year. The World Bank estimates that inflation will remain at 7.1 percent in the current financial year.
World Bank had expressed confidence earlier also
The President of the World Bank had said a few days ago that India was able to provide food and cash support to 85 percent of households in rural areas and 69 percent of households in urban areas through digital cash transfers. This was a remarkable achievement. India worked very well during the Corona period. Due to this the poor people did not have to face much difficulty.
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