World Bank raises India FY23 GDP forecast to 6.9% from 6.5% in October

Besides the unprecedented global crisis, India’s economy continues to grow resiliently with World Bank raising its Gross Domestic Product (GDP) forecasts to 6.9% from 6.5% in the current fiscal year in the July-September Quarter. India’s discreet policy reforms and prudent regulatory measures played a key role in perseverant development of the economy.

According to the report, India is protected from the global spillovers due to its strong macroeconomic fundamentals and vast domestic market, which is comparatively less susceptible to global trade flows resulting in an improved external position over the past decade. India’s GDP expanded by 6.3% this September, which is lower than 8.4% in the previous year, but it is still better than the expectations of many analysts and therefore, the World Bank revised its GDP growth forecast.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.