World Bank on Indian Economy: There are signs of strengthening of the Indian economy. World Bank’s senior economist Dhruv Sharma has said on Tuesday (December 6) that India is stronger now than it was 10 years ago. All the steps taken in the last 10 years are helping India navigate the global headwinds.
The World Bank has revised its 2022-23 Gross Domestic Product (GDP) forecast from 6.5% to 6.9% due to strong economic activities in India. World Bank Senior Economist Dhruv Sharma said that it should be emphasized that at the end of the two-year period, India will be in the same position as we had predicted earlier.
Indian economy in better shape?
The World Bank said that the Indian economy is not only better positioned to handle global headwinds than its emerging market counterparts, but it has also recovered from the shock of the Kovid-19 pandemic faster than in previous crises. The World Bank in its latest India development update titled ‘Navigating the Storm’ has projected India’s GDP growth for the current fiscal at 6.9 per cent, slightly higher than the 6.5 per cent projected for the year at the end of September.
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India is stronger now than it was 10 years ago. All the steps taken in the last 10 years are helping India navigate the global headwind: Dhruv Sharma, Senior Economist, World Bank pic.twitter.com/qQ6oDVdPr9
— ANI_HindiNews (@AHindinews) December 6, 2022
Efforts on to make the economy dynamic
Auguste Tano Coume, Country Director of the World Bank in India, said that India is very ambitious. The government has done many things to strengthen the economy and is making a lot of efforts to make the economy dynamic. However, due to continuing adverse global developments, continued vigilance is required.
India is very ambitious, the government has done many things to strengthen the economy and is making a lot of efforts to make the economy dynamic: Auguste Tano Quame, World Bank pic.twitter.com/n1bve06e3q
— ANI_HindiNews (@AHindinews) December 6, 2022
Improving the Resilience of the Indian Economy
The report states that the two main levers of macroeconomic policy – fiscal and monetary policy – have played an important role in managing the challenges that emerged last year. The RBI scaled back its accommodative monetary policy with a “measured approach” as it balances the need to reduce inflation while supporting economic growth. Economist Dhruv Sharma pointed out that several ‘Policy Buffers’ created in the last few years have improved the Indian economy’s resilience to external shocks.
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