World bank forecast: India's GDP to grow by 8%..!?
The World bank has forecast that India's economic growth will slow to 8.7 percent from 8 percent in the current fiscal. The World bank has said that economic growth in the South Asian region, not just in india, will be slowed by inflation caused by the war between ukraine and Russia. The World bank had earlier forecast that the country's economic growth would reach 8.7 percent in the current 2022-23 fiscal year. However, russia has reduced it to 8 percent due to the ukraine crisis
Consumption at home and in the household is low as the labor market in india has not fully recovered from the pandemic and inflationary pressures. The war between ukraine and russia has led to a rise in petrol and diesel prices and a strong negative trend in the real income of the population due to rising food prices. But the World bank says Pakistan's economic growth will pick up in the current financial year. Pakistan's current fiscal year ends in June, with Pakistan's GDP expected to grow by 3.4 percent, up from 4.3 percent earlier. But next year's growth will be around 4%. Sri Lanka's economic growth is projected to grow from 2.1 percent to 2.4 percent in the current fiscal. However, he said that the financial situation and external debt could not make it certain.According to the World bank, India's economic growth is expected to slow to 8.3% in the current fiscal, 2021-22, to 8% in the current fiscal, and 7.1% in 2023-24.Commenting on India's declining economic growth, South Asia's chief economist Hans Timmer said that in the long run, india should reduce its dependence on crude oil and seek renewable fuels, and increase the contribution of women to only 20 percent of the economy. According to the overall forecast, the war between ukraine and russia will slow India's revenue growth to 2.3 percent and economic growth to 1.3 percent. This may change slightly due to the international environment.The indian economy, which was badly affected by the corona, is recovering fast. Complete economic recovery has not yet been achieved and the damage has not been repaired. Yet gradually the economy can be seen to recover, changing as it did in the pre-pandemic period. The economy has not been hit hard by the new corona mutation virus. But the war in ukraine has given more trouble, thus increasing the price of goods and rising inflation. This is the problem now.