Indian economy will grow at a speed of 6.6 percent in 2023-24

India’s economic growth rate will come down to 6.6 percent in the next financial year i.e. 2023-24. The World Bank has estimated this. The growth rate in the current financial year 2022-23 is estimated to be 6.9 percent. However, India will remain the fastest growing economy among the seven largest emerging market and developing economies (EMDEs), the World Bank said in its fresh estimate on the Indian economy.

The economic growth rate in the financial year 2021-22 was 8.7 percent. The growth rate is estimated to be 6.1 percent in the financial year 2024-25. It has been said in the statement that the slowdown in the global economy and increasing uncertainty will affect exports. The government has increased spending on infrastructure and facilities for business. However, this will help in mobilizing private investment and will support the expansion of manufacturing capacity. The World Bank has estimated the growth rate to slow down to 6.6 percent in the financial year 2023-24.

After this, it may come down to a little above six percent. In the first half (April-September) of the current financial year, the gross domestic product (GDP) growth rate has been 9.7 percent on an annual basis, exceeding the tolerance level. This indicates an increase in private consumption and investment. Consumer price index-based inflation remained above the Reserve Bank of India’s (RBI) tolerance level of six per cent for most of the last year. Due to this, the central bank has increased the key policy rate repo by 2.25 percent between May and December. PLC/GT


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