Laborers work at a construction site of a commercial complex in New Delhi. File photo | Photo Credit: Reuters
India’s economy is expected to grow by 6.9% in the current financial year, the World Bank said in a report on Tuesday, December 6, 2022. Tightening monetary policy and higher commodity prices have been cited as factors affecting the country’s growth.
The World Bank’s India Development Update states that India is affected by spillovers from the US, the Eurozone and China.
It did however see the government meeting its fiscal deficit target of 6.4 per cent of GDP in 2022-23.
The World Bank expects inflation to be 7.1 per cent in the current financial year.
Recently, Chief Economic Advisor V. Ananth Nageswaran also presented more or less the same figures. Ananth Nageswaran had said on November 30, “The Indian economy is on track to achieve 6.8-7% GDP growth in the current fiscal.”
He said that the pace of economic reforms is continuing and the GDP is at the average level of 2019-20.
“In 2022-23, the economy is on track to reach a growth rate of 6.8-7% in the current fiscal,” he said, adding data on festival sales, PMI, bank credit growth and auto sales showed That the economy has maintained momentum despite the global slowdown. in the opposite direction.