World Bank forecasts India’s GDP growth at 6.3% for FY 2023-24

• The World Bank has maintained India’s GDP growth rate at 6.3% for 2023-24 despite global headwinds.
• The World Bank says that India is demonstrating strong economic growth despite facing substantial external challenges.
• In its April report, the World Bank had reduced India’s growth rate estimate for 2023-24 to 6.3 percent from the earlier 6.6 percent.

world Bank

• It was established in 1944 as the International Bank for Reconstruction and Development (IBRD) along with the IMF. IBRD later became the World Bank.
• The World Bank Group is a unique global partnership of five institutions working to create sustainable solutions that reduce poverty and build shared prosperity in developing countries.
• The World Bank is one of the specialized agencies of the United Nations.
• 189 countries are its members.
• India is also its member.