World Bank increased India’s growth forecast for FY25 to 7%.
World Bank raised India’s growth forecast for Fiscal Year 2024-25 by 40 basis points to 7 per cent. Its earlier forecast was 6.6 per cent.
The debt-to-GDP ratio is projected to decline from 83.9 per cent in FY23/24 to 82 per cent by FY26/27.
The current account deficit is expected to remain at around 1-1.6 per cent of GDP up to FY26/27.
In recent years, the global trade landscape has witnessed protectionism.
India’s robust growth prospects along with declining inflation will help in reducing extreme poverty.
India can boost its growth further by using its global trade potential.
India should adopt a three-pronged approach for achieving the $1 trillion merchandise export target by reducing trade costs further, lowering trade barriers, and deepening trade integration.
