Indian Economy: World Bank says 'India to remain fastest-growing economy'

indian economy: world bank says 'india to remain fastest-growing economy'

Indian Economy: The World Bank has retained India’s growth rate at 6.6 per cent for the financial year 2024-25. In its report titled ‘Global Economic Prospects,’ the World Bank stated that India will remain the fastest-growing economy in the world, registering a steady growth of 6.7 per cent for the next three fiscal years.

“After a high growth rate in FY 2023/24, the steady growth of 6.7 per cent per year, on average, is projected for the three fiscal years beginning in FY 2024/25,” the World Bank said, reports IANS.

Indian Economy: World Bank Projection

The World Bank has projected that the country’s economy will grow at 6.7 per cent in FY26 and 6.8 per cent in FY27. It highlighted that economic growth will remain steady due to the strong domestic demand, surge in investment, and robust services activity.

In its report, the World Bank said that private consumption growth is expected to benefit from a recovery of agricultural production and declining inflation. “Government consumption is projected to grow only slowly, in line with the government’s aim of reducing current expenditure relative to GDP,” the report said, quoting IANS.

Indian Economy: IMF Prediction

Earlier, the International Monetary Fund (IMF) had hiked the country’s growth forecast from 6.5 per cent to 6.8 per cent for the ongoing fiscal year on the back of strong domestic demand and a rising working-age population.

Indian Economy: RBI’s Growth Forecast

Last week, the Reserve Bank of India (RBI) raised the country’s GDP growth forecast from 7 per cent to 7.2 per cent for the current financial year. The central bank expects the economy to continue on a high growth trajectory.

Indian Economy: Moody’s Forecast

Moody's Ratings expects India to grow at 6.6 per cent in the current financial year 2024-25.

Indian Economy: Morgan Stanley's Forecast

Brokerage firm Morgan Stanley has predicted that the Indian economy will grow at 6.8 per cent in 2024.