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World Bank Lowers India’s Growth Forecast to 8% for FY 2023

Published on April 14, 2022
Current Context: Amid the Ukraine crisis, and high fuel and food prices, the World Bank has slashed India’s growth rate from 8.7 to 8%.
World Bank Lowers India’s Growth Forecast to 8 % for FY 2023
  • The World Bank in its South Asia report has revised India’s growth rate to 8%. The reasons cited for lowered growth are rising fuel and food prices, which account for what we call, headline inflation. The disruption in the supply chain in South Asia is one of the major attributes of this decreasing trend.
  • However,, for the Financial Year 2022, the World Bank has maintained the status quo on the projected forecast at 8.3%. Growth for South Asia has been projected to be 6.6 %. Given the resilience of the Indian economy, consumption will revive growth, pushed by the capital expenditure of the Government.
  • For FY 24, The World Bank has projected India’s growth to be 7.1%.

Question:

Q.1 What is the revised growth rate for India for FY 2023 by the World Bank?
a. 8.7 %
b. 8 %
c. 7.1 %
d. 6.6 %

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