World Bank upgrades its growth forecast for Indian economy to 6.9 percent for current fiscal

The World Bank has upgraded its growth forecast for Indian economy to 6.9 percent from its earlier estimate of 6.5 percent for the fiscal year 2022-23. Praising India's economic resilience despite a challenging external environment, the World Bank noted that India’s economy is relatively insulated from global spillovers compared to other emerging markets. 

The international financial institution said that despite external challenges, India is expected to



remain one of the fastest growing major economies in the world, due to robust domestic demand.

In a similar development, Fitch Ratings has retained its India's economic growth forecast at 7 per cent for the current fiscal. The global credit rating agency said India could be one of the fastest-growing emerging markets this year. It also projected a 6.2 percent GDP growth for the financial year 2023-24 and 6.9 per cent for financial year 2024-25.