World Bank cuts India's GDP growth to 6.3% for 2023-24
Since May last year, the
In its "India Development Update", the World Bank said that economic
"Rising borrowing costs and slower income growth will weigh on private consumption growth and government consumption is projected to grow at a slower pace due to the withdrawal of pandemic-related fiscal support measures," it said.
According to the report, India's current account deficit is also likely to come down to 2.1 per cent in 2023-24, as against 3 per cent in 2022-23.
On inflation, the World Bank report said that it is likely to ease to 5.2 per cent in the current fiscal as against 6.6 per cent in the previous fiscal.
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