WB retains India's growth forecast at 8.3%

New Delhi, January 12

The World Bank has retained India’s economic growth forecast for the current fiscal at 8.3% as the recovery is yet to become broad-based.

As per the first advanced estimates of the national income released by the National Statistical Office (NSO) last week, the economy is projected to grow at 9.2% in 2021-22, surpassing pre-Covid level in actual terms, mainly on account of improved performance, especially in farm, mining and manufacturing sectors.

“India’s economy is expected to expand by 8.3% in fiscal year 2021/22 (ending March 2022), unchanged from last June’s forecast as the recovery is yet to become broad-based.

“The economy should benefit from the resumption of contact-intensive services, and ongoing but narrowing monetary and fiscal policy support,” the World Bank said in its latest Global Economic Prospects report released on Tuesday. — PTI

Global Economic Prospects Report

• India’s economy is expected to expand by 8.3% in fiscal year 2021/22 (ending March 2022), unchanged from last June’s forecast as the recovery is yet to become broad-based, the report said
• The economy should benefit from the resumption of contact-intensive services, and ongoing but narrowing monetary and fiscal policy support, it said
• Further, the report said growth forecast has been upgraded for 2022-23 and 2023-24 to 8.7% and 6.8%, respectively