According to the report, "policy reforms and responsible regulatory measures have also played a major role in increasing resilience in the economy."
Digital Desk: The World Bank increased its prediction for India's gross domestic product (GDP) growth in the current fiscal year (FY23) from 6.5 to 6.9 percent in light of the country's economy's relative resistance to external headwinds and the quarter's "strong outturn."
This follows a string of earlier growth downgrades by banks and multilateral organisations. India's FY23 GDP prediction has already been lowered by the World Bank from 7.5 percent in October to 6.5 percent.
Auguste Kouame, the country director for the World Bank in India, stated in the organization's most recent India Development Update on Tuesday that "India's economy has been remarkably resilient to the deteriorating external environment, and strong macroeconomic fundamentals have placed it in good stead relative to other emerging market economies."
India's huge domestic market, which is comparatively less susceptible to global trade flows, accounts for its protection against global spillovers. The research stated that over the previous ten years, India's external posture has also significantly improved.
According to the report, "policy reforms and responsible regulatory measures have also played a major role in increasing resilience in the economy."
According to official data released last week, manufacturing output fell and the base effect diminished, which caused India's GDP to rise 6.3% in the third quarter of this year rather than the 8.4% growth recorded in the same period last year. The World Bank's most recent growth improvement was based in part on the fact that it exceeded analyst predictions.
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