World Bank Forecast: The World Bank has given a big blow. The World Bank on Thursday reduced India's growth forecast, citing the deteriorating global situation. According to the latest estimates, the Indian economy will grow at the rate of 6.5 percent in the financial year 2022-23. Which is one percent less than the estimate of June 2022.
In the report released ahead of the annual meeting of the International Monetary Fund (IMF) and the World Bank, the bank said that India has a stronger revival than the rest of the world. India's growth rate during the last financial year was 8.7 percent.
The World Bank's Chief Economist for South Asia Hans Timmer has told PTI that the Indian economy has performed well compared to other countries in South Asia by registering strong growth. In the first phase of Covid, a strong contraction has made a strong comeback.
He said that India does not have any huge foreign debt. On this side it has no problem, and its monetary policy has been prudent. The Indian economy has performed well in the services sector in particular and service exports in particular.