World Bank cuts India's GDP growth forecast for FY24 to 6.3% in latest Global Economic Prospects report1 min read 06 Jun 2023, 09:15 PM IST
World Bank expects India's growth to slow down further to 6.3% in FY2023/24 due to high inflation and rising borrowing costs, with a slight pick-up expected in FY2025/26. India will remain the fastest-growing economy among the largest EMDEs.
World Bank expects growth in India to slowdown further to 6.3% in the financial year FY 2023/24 (April to March). This is a 0.3 percentage point downward revision from the previous estimates of 6.6%. The international financial institution attributes constrained private consumption due to high inflation as the main reason for slowdown. Nevertheless, it expects India to continue to be among the fastest-growing economy.