The World Bank stated in a report released on Tuesday that India's GDP is anticipated to moderate to 6.3%, as opposed to the earlier estimate of 6.6%, due to moderation in consumption in FY24. Slower consumer growth and tough external conditions are likely to limit growth.
In its India Development Update, the World Bank stated that challenging external conditions and slower consumption growth are likely to limit growth.
It read, "Slower income growth and rising borrowing costs will impact on private consumption growth, and it is anticipated that the removal of pandemic-related fiscal assistance measures will decrease government consumption growth."
The report predicts that the Current Account Deficit will fall to 2.1% in FY24, down from 3% in the current year.
The World Bank Report projects that inflation will fall to 5.2% from 6.6% in the current fiscal year.
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