World Bank projects slowdown in economic growth of India at 6.6% next fiscal

New Delhi, Jan 11 (KNN) Predicting a slight decline in India’s economic growth, the World Bank said that India will grow at 6.6 per cent in next financial year from an expected 6.9 per cent in 2022-23.

However it said that India is likely to remain the fastest growing economy of the seven largest emerging-market and developing economies (EMDEs).  

For 2024-25, the growth rate is projected at 6.1 per cent. “The slowdown in the global economy and rising uncertainty will weigh on export and investment growth,” it said.

“Before falling back toward its potential rate of just above 6 per cent, India’s growth is anticipated to slow, to 6.6 per cent in FY24,” it said.

The World Bank said India used its international reserves (at USD 550 billion in November, or 16 per cent of GDP) to curb excess exchange rate volatility helping to limit the rupee depreciation, and its sovereign spread has remained broadly stable at 1.4 per cent in December, similar to average levels in the five years before the pandemic.  (KNN Bureau)