Sep 03, 2024 12:52 PM IST
World Bank noted that global growth is projected to remain muted compared to pre-pandemic levels.
World Bank upgraded its estimate of India’s growth from earlier 6.6% to 7% for Fy25. World Bank country director India Auguste Tano Kouame said, ” Indian economy growing at a good pace, building in past momentum.” It noted that global growth is projected to remain muted compared to pre-pandemic levels.
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This comes as data showed last week that India’s economic growth slowed to 6.7% in the April-June quarter as a decline in government spending during national elections weighed.
India’s medium-term economic growth rate will remain strong at an average of 6.7% over the next two fiscal years, the World Bank said, adding it expects private investment to gradually come in and aid consumption recovery.
The main challenges to India’s economy include job creation. The urban unemployment rate remains high at an average of 17%, the World Bank said.
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