New Delhi, April 04, 2023 (PPI-OT):The World Bank (WB) on Tuesday lowered India’s FY24 economic growth forecast to 6.3% from its December estimate of 6.6%. The WB cited a slowdown in consumption and challenging external conditions as a reason for decrease in the growth rate.
The multilateral agency said that rising borrowing costs and slower income growth will weigh on private consumption growth while government consumption is projected to grow at a slower pace due to withdrawal of pandemic related fiscal measures. Meanwhile, the Asian Development Bank (ADB) on Tuesday slashed its estimate for India’s economic growth for FY24 to 6.4% from 7.2% forecast in December, citing risks arising from global and domestic factors.
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