World Bank has increased its earlier prediction of 6.5 per cent for India’s gross domestic product (GDP) growth for the current fiscal year to 6.9 per cent
The first preliminary estimates of economic growth for 2022–2023 will be released by the National Statistical Office on Friday night, three weeks before the general budget presentation in Parliament on 1 February.
The central bank revised its projection for gross domestic product (GDP) growth downward in April 2022, from 7.8 to 7.2 per cent, then again in September of last year, to seven per cent.
Real GDP growth for 2022–2023 was predicted by the RBI to be 6.8 per cent, with the third and fourth quarter coming in at 4.4 per cent and 4.2 per cent respectively.
In December 2022, it reduced the 2022–2023 growth forecast for the third time.
From 13.5 per cent in the first three months of the fiscal year, GDP growth dropped to 6.3 per cent in the second.
The International Monetary Fund (IMF) also lowered its estimate of India’s growth for FY23 from 7.4 per cent to 6.8 per cent from its July 2022 projection.
However, the World Bank has increased its earlier prediction of 6.5 per cent for India’s GDP growth for the current fiscal year to 6.9 per cent.
The Asian Development Bank has maintained its seven per cent growth prediction for India for the years 2022–2033.
Due to ongoing geopolitical unrest and tightening financial circumstances worldwide, the Reserve Bank of India last month reduced the country’s GDP growth prediction from seven per cent to 6.8 per cent for the current fiscal year.