Indian economy to grow at 6.9% in FY23: Report

In October, the World Bank had forecast 6.5% growth

December 7, 2022

The Indian economy is relatively well positioned to weather global spillovers compared to most other emerging markets

The Indian economy performed well in the September quarter, making the World Bank revised its Gross Domestic Product (GDP) estimation for the country

India's economy is relatively insulated from global spillovers compared to other emerging markets

The World Bank estimates India’s growth for next year to stand at 6.6%

The Indian economy is expected to grow at 6.9% in 2022-23 despite global economic challenges, according to a report from the World Bank, raising its forecast of 6.5% growth made in October.

According to the report, the Indian economy is relatively well positioned to weather global spillovers compared to most other emerging markets. India is expected to register strong GDP growth due to healthy domestic demand and remain one of the fastest-growing major economies in the world, the report added. Experts said that strong macroeconomic fundamentals have placed the country in a good position.

The World Bank has increased its FY23 GDP forecast from its earlier estimates to 6.9%, due to the country’s economy performing well in the September quarter this year. 

As the country is gaining export momentum by becoming a manufacturer of goods such as defence products and smartphones from only being their consumer before, it is likely to witness further overall growth in the coming years.  

Source: Mint

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