World Bank cuts India's growth forecast to 6.3%; Asian Development Bank (ADB) projects 6.4% for FY24

Category : Business and economics Published on: April 06 2023

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The World Bank and the Asian Development Bank has projected moderation in the Indian economic growth between 6.3 per cent and 6.4 per cent due to a slowdown in consumption and challenging external conditions.
The World Bank in its latest 'India Development Update' (IDU) slashed the GDP forecast to 6.3 per cent against the earlier estimate of 6.6 per cent in 2023-24 (FY24).
Multi-lateral funding agency Asian Development Bank also said India's economic growth is expected to moderate to 6.4 per cent in the current financial year due to tight monetary conditions and elevated oil prices as compared to 6.8 per cent expansion for the financial year ended March 2023.
The projections are part of the latest edition of ADB's flagship economic publication, Asian Development Outlook (ADO) April 2023.
The ADB report projected moderation in inflation to 5 per cent while Current Account Deficit to 2.2 per cent in the current financial year.