Growth in India is expected to slow to 6.3 per cent in FY2023: World Bank

Growth in India is expected to slow to 6.3 per cent in FY 2023/24 (April-March), a 0.3 percentage point downward revision from January, the World Bank said Tuesday but noted there is an unexpected resilience in private consumption and investment and robust growth in the services. The World Bank made these points in its latest edition of Global Economic Prospects according to which global growth is projected to decelerate from 3.1 per cent in 2022 to 2.1 per cent in 2023. In Emerging Markets and Developing Economies (EMDEs) other than China, growth is set to slow to 2.9 per cent this year from 4.1 per cent last year. These forecasts reflect broad-based downgrades. “Growth in India is expected to slow further to 6.3 per cent in FY 2023/24 (April-March), a 0.3 percentage point downward revision from January,” the World Bank said. “The surest way to reduce poverty and spread prosperity is through employment—and slower growth makes job creation a lot harder,” said Ajay Banga, the newly-appointed World Bank Group President. “It’s important to keep in mind that growth forecasts are not destiny. We have an opportunity to turn the tide but it will take us all working together,” he said.