Key Points
The Indian economy is projected to grow at a robust 7.5 per cent in 2024, stated the World Bank, that credited India for a bulk of the growth in the South Asian economy..
In India, which accounts for the bulk of the regions economy, output growth is expected to reach 7.5 per cent in FY23/24 before returning to 6.6 per cent over the medium term, with activity in services and industry expected to remain robust, state the World Bank report...
Inflationary pressures are expected to subside, creating more policy space for easing financial conditions. Over the medium term, the fiscal deficit and government debt are projected to decline, supported by robust output growth and consolidation efforts by the central government, the World Bank report stated...
The World Bank, in its report added that overall in South Asia, the growth is expected to be strong at 6.0-6.1 per cent in 2024..
Government revenues are expected to increase on the back of continued efforts to broaden the tax base and improve tax administration, and current expenditures are likely to decrease as pandemic-related measures are wound down, it said.. South Asias growth prospects remain bright in the short run, but fragile fiscal positions and increasing climate shocks are dark clouds on the horizon..
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