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India's Economy to Grow 6.7% in Next Two Fiscal Years: World Bank

The World Bank has predicted that India’s economy will grow by 6.7% in the next fiscal year, which starts in April. This is slightly higher than the growth expected in the current fiscal year. According to the World Bank’s Global Economic Prospects report released on Thursday, the growth rate for India’s economy this year is expected to be 6.5%, a decrease from the 8.2% growth rate of the previous year.

The World Bank also pointed out that the services sector in India is likely to continue growing strongly. Manufacturing activity is expected to pick up too, thanks to government measures aimed at improving the business environment. These factors are expected to help India maintain its position as the fastest-growing major economy in the world, with a projected growth of 6.7% in the next two years.

For comparison, the World Bank has forecasted a slower growth rate for China. China’s economy is expected to grow by 4.5% in the current year, and even slower at 4% in the next year. The United States, the world’s largest economy, grew by 2.8% last year. However, its growth rate is expected to slow down to 2.3% this year and 2% next year.

Despite the growth projections for India, the World Bank also warned about possible risks to the world economy. It mentioned that changes in trade policies, such as higher tariffs or trade tensions between major countries, could affect global economic stability. The report did not directly mention the incoming US President, Donald Trump, but his past threats to change global trade were hinted at as a potential risk.

India’s growth forecast from the World Bank is similar to the one released by the United Nations last week. The UN projected India’s economy would grow by 6.6% this year and 6.8% in the next year.

The World Bank explained that the slowdown in India’s growth from 8.2% in 2023-24 to 6.5% in the current fiscal year was due to a slowdown in investment and weaker growth in manufacturing. However, with continued growth in services and government support for businesses, the future growth outlook remains strong.

Jan. 17, 2025 {{ Blogdetails.schedule_date|time }} 464

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