India expected to grow at 6.9% this fiscal: World Bank

Labourers work at the construction site of a commercial complex in New Delhi. File photo
| Photo Credit: Reuters

The report sees average retail inflation at 7.1 this year.

India’s economy is expected to grow 6.9% in the current fiscal year, the World Bank said in a report on Tuesday, December 6, 2022., citing tightening monetary policy and high commodity prices as factors impacting the country’s growth.

World Bank’s India Development Update said India is affected by spillovers from the US, Euro area and China.

It however saw the government meeting the fiscal deficit target of 6.4 per cent of the GDP in 2022-23.

World Bank expects the inflation at 7.1 per cent in current fiscal year. 

Recently, Chief Economic Advisor V. Anantha Nageswaran also more or less projected the same figures. “The Indian economy is on track to achieve a 6.8-7% GDP growth in the current fiscal, “ Mr. Anantha Nageswaran had said on November 30.

He said the economic recovery momentum is continuing and the GDP is averaging the 2019-20 level.

“In 2022-23, the economy is on track to reach a 6.8-7% growth in the current fiscal,” he said, adding festival sales, PMI, bank credit growth and auto sales data shows that the economy has maintained momentum despite global headwinds.