World Bank Upgrades India’s FY25 GDP Forecast to 7%
In a positive development for the Indian economy, the World Bank has revised its growth forecast for India, increasing it to 7% for the financial year 2024-25. This is an upgrade from the earlier estimate of 6.6%. The revised projection highlights India’s impressive economic performance, with an 8.2% growth rate recorded in FY24, making it the fastest-growing major economy.
Strong Growth Momentum
According to Auguste Tano Kouame, the World Bank’s Country Director for India, India’s growth momentum remains robust. “India was the fastest-growing economy in FY24 at 8.2%, and now it’s growing at a good pace,” Kouame stated. Despite global growth being subdued compared to pre-pandemic levels, India’s economic outlook for the medium term remains positive.
Future Economic Projections
The World Bank’s updated forecast suggests continued strong growth for India in FY26 and FY27. The institution projects a gradual decline in India’s debt-to-GDP ratio, from 83.9% in FY24 to 82% by FY27. The current account deficit is expected to stay within 1-1.6% of GDP up to FY27.
Strategic Policy Initiatives
Kouame emphasized the importance of diversifying India’s export basket and leveraging global value chains. He stressed that India should aim for $1 trillion in merchandise exports by 2030. “India needs to diversify its export basket and leverage global value chains to reach $1 trillion in merchandise exports by 2030,” he noted.
Economic Resilience and Future Prospects
India’s proactive stance on free trade agreements has been identified as a key factor in its economic resilience. The World Bank also highlights that India’s robust growth prospects, along with declining inflation, will contribute to reducing extreme poverty. “India can boost its growth further by harnessing its global trade potential,” Kouame added.
The World Bank’s updated forecast reflects strong confidence in India’s economic trajectory, driven by strategic policy initiatives and a focus on expanding trade and exports.
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