India is affected by spillovers from the United States (US), Euro area and China, according to the World Bank’s India Development Update
Amid the fear of a global recession and economic growth slowdown, World Bank on Tuesday revised its gross domestic product (GDP) growth estimate for India to 6.9 per cent for 2022-23 from 6.5 per cent earlier.
India is affected by spillovers from the United States (US), Euro area and China, according to the World Bank’s India Development Update.
The global body, however, saw the government meeting the fiscal deficit target of 6.4 per cent of the GDP in 2022-23.
World Bank estimated inflation at 7.1 per cent in the current fiscal year.
Meanwhile, Chief Economic Advisor (CEA), V Anantha Nageswaran said that the Indian economy is on track to achieve 6.8 to 7 per cent GDP growth in FY23.
“Q2 GDP (growth) was in line with most market participants’ expectations. In 2022-23, the economy is on track to achieve 6.8-7 per cent growth,” Nageswaran said.