According to the latest reports of the World Bank, India’s economy is going to grow swiftly at the rate of 6.9% in the upcoming fiscal year 2022-2023. But the earlier prediction rate made by the World Bank was 6.5%.
Dhruv Sharma, the Senior World Bank economist quotes,” The Indian Economy is now a lot more resilient than it was a decade before” on Tuesday following the Global financial body amended its FY23 GDP forecast for the country. He even quoted that the rupee faced only 10 percent of depreciation this year and it was still better than the other countries in the emerging market. Sharma even said to the ANI news agency that within the decade of time, the steps taken now are a route to the progress of the country. And it will only cause a global headwin. He even claimed that the domestic demand has become very robust and it is eventually helping to rebuild the economy at a much faster rate compared to the previous one. The markets of other countries were severely damaged around the pandemic times.
Dhurv Sharma even dismissed the disquietude about India’s debt sustainability.
Auguste Tano Kouamé—the World Bank’s India director also commended the Modi government and quoted that India is an extremely ambitious country. And the government is actively doing a number of things to make the current Economy at its best state and at its peak with resilience. And he also admires the amount of efforts that are out into this concern.
Last week, according to the government the GDP for the next full fiscal year likely would be around in the range of 6.8 to 7% percent.
In October, the annual retail inflation figures eased to a low of 6.77% but analysing this says that, it still is above the Reserve Bank of India’s upper limit of 6%.