India's GDP To Grow At 6.9% In FY23, Upgrade Due To Robust Economic Activities | Nation Tonight

In this episode of Nation Tonight, the host Afrida Rahman Ali will be discussing how due to the economy's relative resilience to external headwinds and the 'strong outturn' in the September quarter, the World Bank on Tuesday increased its gross domestic product (GDP) growth prediction for India for the current financial year (FY23) to 6.9% from 6.5. This follows a wave of downgrades made by banks and international organisations previously. India's FY23 GDP prediction was lowered by the World Bank as well, to 6.5% from 7.5% in October. In actuality, this was the first revision to any multilateral organization's FY23 growth prediction for India. The Reserve Bank of India's forecast of 7% GDP growth for FY23 and the World Bank estimates are extremely similar. India was protected from global spillovers due to its sizable domestic market, which was comparatively less susceptible to global trade flows. According to the research, India's external position has also significantly improved over the previous ten years. In addition, sensible regulatory controls and policy reforms had also contributed to the growth of this resilience.

We are joined by a panelist.

"We grew faster than any other economy last year because our contraction was among the worst," said Dr Santosh Mehrotra, Senior Economist.

#WorldBank #India #GDP #FY23

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