World Bank upgrades India's economic growth forecast from 6.5% to 6.9% in FY23

NEW DELHI: The World Bank on Tuesday upgraded India's gross domestic product (GDP) forecast for the financial year 2022-23 to 6.9% from 6.5% earlier.

In its latest India Development Update, the World Bank said the revision was due to higher resilience of the Indian economy to global shocks and better-than-expected second quarter numbers.

This comes as a breather since the World Bank had been lowering India's FY23 growth forecast in its World Economic Outlook report since the last 3 times.

In October, it had slashed India's GDP forecast by one percentage point to 6.5% from its June estimate of 7.5%, citing impact of ongoing war in Ukraine, rising global interest rates and high inflation.

World Bank's latest forecast is very much near to Reserve Bank of India's (RBI) projection of 7% growth for India in FY23.

Ready to Master Stock Valuation? ET’s Workshop is just around the corner!