- World Bank has revised its GDP growth forecast for India in the current fiscal 2022-23 for the second time initially it pegged at 8.7% later it was changed to 8% and now it gains revises to 7.5%.
- According to a world bank report it stated that the main reason behind it was rising inflation, supply chain disruptions, geopolitical tensions, etc.
- To revive the growth, the government has introduced incentives and reforms to improve the business climate.
- Besides it has also been estimated that Growth is expected to slow further to 7.1% in 2023-24 back towards its longer-run potential.
- As we all know that a rise in prices across all items from fuel to vegetables and cooking oil increases wholesale price-based inflation to a record high of 15.08% in April and retail inflation to 7.79%.
- Other Institutions Growth Forecast
- S&P Global Ratings had cut India's growth projection for 2022-23 to 7.3% compared to 7.8% earlier.
- Fitch had cut India's growth forecast to 8.5%, from 10.3%.
- According to Asian Development Bank (ADB), India’s growth stood at 7.5%.
- RBI in April reduced the forecast to 7.2% from 7.8%.
Question:
Q.1 Recently World Bank cuts India's economic growth forecast to _________ percentage for FY23.a. 8.2%
b. 7.5%
c. 8.3%
d. 7.2%
