World Bank estimates India’s GDP to grow by 6.3% in FY24, inflation to ease: Report

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The World Bank has estimated that India’s Gross Domestic Product (GDP) will grow at a rate of 6.3% in the fiscal year 2023-24. This news has come as a relief to the country’s economy, which has been grappling with the impact of the COVID-19 pandemic. The World Bank has also predicted that inflation in India will remain low, which is expected to help the economy.

According to the World Bank’s report, India’s economy is expected to rebound in the next fiscal year due to strong growth in the services and manufacturing sectors. The report also states that India’s growth will be supported by the government’s recent reforms and policies aimed at boosting investment and promoting economic growth.

The report notes that inflation in India is likely to remain low in the coming months, which is expected to provide some relief to the economy. The World Bank has also highlighted the need for India to continue with its economic reforms, particularly in the areas of labor laws and land acquisition, to further boost economic growth and development.

Overall, the World Bank’s report is a positive sign for India’s economy, which has been facing significant challenges in recent years. The government has been taking steps to revive economic growth and attract investment, and this report indicates that these efforts are starting to pay off. With the country’s GDP expected to grow at a healthy rate in the coming years, there is reason to be optimistic about India’s economic future.