World Bank increases India’s GDP growth forecast to 6.9% for 2022-23

Tags: Reports Economy/Finance

The World Bank has forecasted 6.9% growth rate for the Indian economy in 2022-23, saying the economy was showing higher resilience to global shocks. In October, it had cut India's GDP growth forecast to 6.5 percent from 7.5 percent earlier. 

In its India Development Update released on 6 December 2022, the World Bank said the revision was due to higher resilience of the Indian economy to global shocks and better-than-expected second quarter numbers.

India's gross domestic product (GDP) grew 8.7 percent in the previous 2021-22 financial year. 

In the second quarter of 2022-23 (July-September) fiscal year it grew by 6.3%.

The Reserve Bank of India expects the Indian economy to grow by 7 % in 2022-23.