- By Aditya Pratap Singh
- Wed, 03 Apr 2024 06:45 PM (IST)
- Source:IANS
India's GDP Growth: The World Bank has projected that India's economy will expand by 7.5 percent in 2024, revising its earlier estimate for the same period by 1.2 percentage points. The World Bank has increased its forecast for India's economic growth by 1.2 percentage points to 7.5 percent for the fiscal year 2023-24, citing strong activity in services and industry in its most recent update for South Asia.
The increase in the projected growth rate for the Indian economy comes after the country's GDP expanded by a surprising 8.4 percent during the October-December quarter. Finance Minister Nirmala Sitharaman has said that the economy is on track to expand by 8 percent in the January-March quarter. However, the World Bank anticipates the growth rate to moderate to 6.6 percent in 2025.
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The anticipated slowdown is mainly attributable to a deceleration in investment from its elevated pace in the previous year. In the medium term, India's fiscal deficit and government debt are anticipated to decline, supported by the central government's strong GDP growth and stabilization efforts.
In the most recent South Asia Growth Update released on April 2, the World Bank projected healthy growth for the region, led by India's strong performance. The report indicates that South Asia is poised to remain the world's fastest-growing region for the next two years, with a projected growth rate of 6.1 percent in 2025.
Bangladesh is anticipated to see an increase in output by 5.7 percent in 2024-25, while Pakistan's economy is projected to expand by 2.3 percent and Sri Lanka's GDP growth is anticipated to increase by 2.5 percent during this period.
(With IANS inputs)