Thursday, March 28th, 2024

Trending News: World Bank: India’s economic growth rate will be the fastest among the seven major developing economies


world Bank
Photo: ANI

The World Bank said that India’s economic growth rate will come down to 6.6 per cent in 2023-24. Despite this, India will remain the fastest growing economy among the seven largest emerging market and developing economies (EMDEs).

The World Bank said in its latest estimate that the Indian economy will grow at a pace of 6.9 per cent in the current financial year. The growth rate in 2024-25 is estimated to be 6.1 per cent. It was 8.7% in 2021-22. According to the statement, uncertainty in the global economy will have an impact on exports and investments.

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A sign of growth in private consumption and investment
The World Bank said the government has increased spending on infrastructure and facilities for business. This will help in mobilizing private investment and support the expansion of manufacturing capacity. In the first half of the current financial year (April-September), the GDP growth rate has been 9.7 percent on an annual basis. This indicates an increase in private consumption and investment.

Foreign exchange reserves of $ 550 billion
The Schweik Institute said that India has used its international reserves to hedge exchange rate volatility to curb the fall in the rupee. India’s foreign exchange reserves stood at $550 billion or 16 per cent of GDP in November 2022.

Expansion

The World Bank said that India’s economic growth rate will come down to 6.6 per cent in 2023-24. Despite this, India will remain the fastest growing economy among the seven largest emerging market and developing economies (EMDEs).

The World Bank said in its latest estimate that the Indian economy will grow at a pace of 6.9 per cent in the current financial year. The growth rate in 2024-25 is estimated to be 6.1 per cent. It was 8.7% in 2021-22. According to the statement, uncertainty in the global economy will have an impact on exports and investments.

A sign of growth in private consumption and investment

The World Bank said the government has increased spending on infrastructure and facilities for business. This will help in mobilizing private investment and support the expansion of manufacturing capacity. In the first half of the current financial year (April-September), the GDP growth rate has been 9.7 percent on an annual basis. This indicates an increase in private consumption and investment.

Foreign exchange reserves of $ 550 billion

The Schweik Institute said that India has used its international reserves to hedge against exchange rate volatility to curb the fall in the rupee. India’s foreign exchange reserves stood at $550 billion or 16 per cent of GDP in November 2022.



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