World Bank retains India's GDP growth for FY22 at 8.3%

The World Bank has retained its forecast for India’s GDP growth for 2021-22 at 8.3 per cent. However, it has revised its GDP growth projection upwards for 2022-23 and 2023-24 to 8.7 per cent and 6.8 per cent, respectively. In its latest Global Economic Prospects report, the World Bank stated that the growth rate of the Indian economy in the current and next fiscal will be stronger as compared to its immediate neighbours, reflecting higher investment from the private sector and in infrastructure, and dividends from ongoing reforms. However, it cautioned that global growth will decelerate markedly this year as Covid-19 outbreaks and supply chain snarls persist. Global growth estimate for 2022 has been slashed to 4.1 per cent on rise in Covid-19 cases.