Tuesday, December 5th, 2023

World Bank also became a fan of Indian economy

Photo:AP world bank

world bank Has also become a fan of Indian economy. The World Bank said in a report released on Tuesday that the Indian economy is expected to grow at the rate of 6.3 percent in the current financial year on the basis of investment and domestic demand. According to the report, India continues to show resilience in the backdrop of a challenging global environment. According to the latest information related to India’s growth from the World Bank, India, which is a major part of the South Asia region, is estimated to have a growth rate of 6.3 percent in 2023-24. This means that the Indian economy will not be affected by the global slowdown. The Indian economy will continue to be the fastest growing economy in the world. Let us tell you that employment opportunities will be created rapidly in the economy. This will increase people’s income.

Will also get relief from increased inflation

On inflation, the report said it is expected to decline gradually as food prices normalize and government measures help increase the supply of key commodities. Currently, retail inflation in the country is beyond 6 percent. This is more than the RBI target. Due to this the repo rate is not being cut. However, after the inflation decreases, there will be a cut in the repo rate, which will reduce the loan EMIs of the people.

GDP growth rate will be 6.5 percent in 2023-24

Former Vice Chairman of NITI Aayog, Rajiv Kumar said that the country’s economic growth rate is estimated to be around 6.5 percent in the current financial year. He said that the reforms undertaken by the government led by Prime Minister Narendra Modi in the last nine years are benefiting the country’s macroeconomic situation. Kumar also said that India needs growth of more than eight percent and the country is capable of doing so. It is necessary to bring economic growth to this level to meet the aspirations of the country’s young population and create adequate jobs for its workforce. According to the estimates of the Reserve Bank of India, India’s GDP growth rate in the current financial year may be 6.5 percent.

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