World Bank on Indian Economy: The fast pace of the Indian economy will continue in 2024. Now this has also been approved by the World Bank. The World Bank has said in its latest estimate that India’s GDP can grow at the rate of 7.5 percent in 2024. This is 1.2 percent more than the earlier estimate.
The World Bank said that due to continued flexibility in the service sector and industry in India, the GDP growth rate can reach 7.5 percent. However, the growth rate is estimated to be 6.6 percent in the medium term.
India’s GDP growth rate
The World Bank has estimated that India’s GDP growth rate may be 6.6 percent in the financial year 2025, which is estimated to be 7.5 percent in the financial year 2024. The reason for decline in GDP growth rate in the coming year will be the decline in the pace of investment, which has been quite high in the previous years.
There will be a reduction in government debt
The World Bank further said that India’s fiscal deficit and government debt are expected to reduce in the medium term. The reason for this was said to be the policy efforts being made by the Central Government, due to which the economy can remain strong.
Indian economy is performing better than expected
The performance of the economy in the fourth quarter of the financial year 2023-24 has been better than expected and it is expected to grow at the rate of 8.4 percent. This has happened due to increase in government investment and consumption.
South Asia’s economy strong
The World Bank has predicted that the economy of South Asia will remain strong. According to estimates, the economy of South Asia can grow at the rate of 6 percent in 2024. The main reason for the strengthening of South Asia’s economy is the strengthening of India’s economy. Besides, there is also recovery in the economy of Pakistan and Sri Lanka.
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