The World Bank projects India's FY23 growth projection to:

The correct answer is 6.9 %.

Key Points

• The World Bank projects India's FY23 growth rate at 6.9%, reflecting strong economic resilience despite global challenges.
• This projection was revised upward from an earlier estimate of 6.5%, citing better-than-expected economic performance.
• India remains the fastest-growing major economy globally, supported by strong domestic demand and manufacturing activity.
• The World Bank's report highlights India's ability to absorb external shocks such as global inflation and geopolitical tensions.
• Key sectors contributing to the growth include services, agriculture, and industrial production.

Additional Information

• Gross Domestic Product (GDP): GDP measures the total monetary value of all goods and services produced within a country's borders during a specific time period.
• World Bank: An international financial institution that provides loans and grants to countries for development projects aimed at reducing poverty and fostering sustainable economic growth.
• India's Economic Resilience: India's economy has demonstrated a capacity to withstand global challenges such as the COVID-19 pandemic, global inflation, and geopolitical tensions.
• Key Drivers of Growth: Factors such as robust domestic consumption, infrastructure development, and increased foreign investment contribute significantly to India's growth trajectory.
• Global Economic Context: The World Bank's projections for India come amid a broader slowdown in global growth, where many countries are grappling with high inflation and uncertainties in trade and investment.