Key Points
Slower consumption growth and challenging external conditions will lead to Indias growth slowing down to 6.3% in 2023-24, according to the World Bank, but the growth will remain resilient to external shocks..
Rising borrowing costs and slower income growth will weigh on private consumption growth, and government consumption is projected to grow at a slower pace due to the withdrawal of pandemic-related fiscal support measures, the organisation said in its report...
- Indian economy still resilient. The bank also revised its inflation forecast downwards and now projects headline inflation to decline to 5.2% in the current fiscal..
The World Bank also revised its current account deficit forecast for 2023-24 downwards to 2.1% from 2.5% projected earlier...
Notwithstanding external pressures, Indias service exports have continued to increase, and the current-account deficit is narrowing, said Auguste Tano Kouame, World Bank's Country Director in India...
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