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The World Bank in June projected India’s economic growth rate to be 6.6% in FY24. File | Photo credit: Reuters
World Bank On Tuesday (September 3, 2024) raised the growth forecast for the Indian economy for the current financial year to 7% based on improvement in the agriculture sector and rural demand.
The World Bank had in June estimated India’s growth rate to be 6.6% in FY24.
According to the World Bank report released on Tuesday, India’s growth rate remains strong despite the challenging global environment.
World Bank senior economist Ran Li said India’s gross domestic product (GDP) forecast has been revised due to improvement in monsoon and private consumption.
India, which forms part of the larger South Asia region, is expected to post a robust growth rate of 7% in 2024-25, the World Bank said in the India Development Update.
It said improvements in agriculture would partly offset the slight decline in industry, and services would remain strong.
The World Bank said that rural private consumption will improve due to expected improvement in agriculture.
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