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World Bank cuts India's Economic Growth Forecast to 7.5% for FY23

Published on June 08, 2022
Current Context: Recently the World Bank cut India's economic growth forecast for the current fiscal to 7.5% by seeing rising inflation, supply chain disruptions, and geopolitical tensions.
World Bank cuts India's Economic Growth Forecast to 7.5% for FY23
  • 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%
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