scorecardresearchWorld Bank revises upwards India's GDP growth forecast to 6.9% for FY23

World Bank revises upwards India's GDP growth forecast to 6.9% for FY23

Updated: 06 Dec 2022, 02:49 PM IST
TL;DR.
The World Bank has upgraded its growth forecast for India to 6.9 per cent for 2022-23 due to higher resilience of the Indian economy to global shocks and better-than-expected second quarter numbers. It also expects the government to meet the fiscal deficit target of 6.4 per cent of the GDP in 2022-23. Inflation is expected to be 7.1 per cent in the current fiscal year.
While GDP growth dimmed, total gross GST collections grew at a three-month high of 17.6 percent year-on-year to  <span class='webrupee'>₹</span>1.33 lakh crore in February 2022.

While GDP growth dimmed, total gross GST collections grew at a three-month high of 17.6 percent year-on-year to 1.33 lakh crore in February 2022.

(PTI) The World Bank on Tuesday revised upwards its GDP growth forecast for India to 6.9 per cent for 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 per cent from 7.5 per cent earlier. Now, it has upgraded the projection to 6.9 per cent for 2022-23 (April 2022 -March 2023).

In its India Development Update, 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), which grew 8.7 per cent in previous 2021-22 financial year, expanded 6.3 per cent in July-September 2022-23.

The country however remains affected by spillovers from the US, Euro area and China.

The World Bank saw the government meeting the fiscal deficit target of 6.4 per cent of the GDP in 2022-23.

It expected inflation to be 7.1 per cent in current fiscal year. 

First Published: 06 Dec 2022, 02:49 PM IST