Growth is likely to be constrained by slower consumption growth and challenging external conditions, the World Bank said in its India Development Update
Representative image. Pic/Istock
India's GDP is expected to moderate to 6.3 per cent, as against earlier estimate of 6.6 per cent, due to moderation in consumption in FY24, the World Bank said in a report on Tuesday.
ADVERTISEMENT
Growth is likely to be constrained by slower consumption growth and challenging external conditions, the World Bank said in its India Development Update.
"Rising borrowing costs and slower income growth will weigh on private consumption growth and government consumption is projected to grow at a slower pace due to the withdrawal of pandemic-related fiscal support measures," it said.
Also read: Response to disaster has to be integrated, not isolated: PM Modi
The report projects Current Account Deficit to moderate to 2.1 per cent in FY24, as against 3 per cent in the current financial year.
With regard to inflation, the World Bank Report expects it to ease to 5.2 per cent, against 6.6 per cent in the current fiscal.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
