Good news for Indian economy, World Bank increases GDP growth forecast to 6.9%.

A good news has come for the Indian economy. The World Bank has increased the GDP growth rate from 6.5 to 6.9 percent. The reason behind doing this has also been told by the World Bank.
The World Bank has raised India’s Gross Domestic Product (GDP) growth forecast to 6.9 per cent from 6.5 per cent for the current financial year (2022-23). The World Bank has said that amidst developments at the global level, the Indian economy is showing resilience. Let us tell you, earlier in October, the World Bank had reduced the estimate of the current financial year’s growth rate by one percentage point to 6.5 percent from 7.5 percent. Now it has again increased the estimate of the growth rate to 6.9 percent.
Because of this the World Bank increased the GDP growth rate
The World Bank has said in its latest report related to India released on Tuesday that the Indian economy remains combative and the second quarter GDP figures have been better than expected. Because of this, the estimate of the growth rate for the entire financial year is being increased. India’s growth rate in the last financial year (2021-22) was 8.7 percent. The economy grew at a rate of 6.3 per cent in the second July-September quarter of the current financial year.
What did the World Bank say?
The World Bank said that the impact of the developments in America, Euro area and China is also being seen on India. However, the World Bank has expressed confidence that the government will meet the fiscal deficit target of 6.4 per cent in the current financial year. The World Bank estimates that inflation will remain at 7.1 percent in the current financial year.
World Bank has already praised India
The President of the World Bank had said a few days ago that through digital cash transfers, India was able to provide food and cash support to 85 percent of households in rural areas and 69 percent of households in urban areas, which is remarkable. South Africa, on the other hand, made the biggest expansion of social security coverage and spent $6 billion on poverty relief, benefiting some 29 million people.