World Bank hails Indian economy, calls it ambitious, resilient
New Delhi, Dec 06: The Indian economy is more resilient today that what it was 10 years back, senior World Bank economist Dhruv Sharma said on Tuesday after the global financial body revised its FY23 GDP forecast for the country. Sharma added that India had not fared that badly as compared with the other emerging markets and added that the Rupee has depreciated by just about 10 per cent this year.
Quoted by news agency ANI, Sharma said that India is more more resilient now than it was 10 years ago. All steps taken over the past 10 years are helping India navigate the global headwinds. He went on to credit the robust demand with helping revive the economy after it was battered by the pandemic and more recently the war in Ukraine.
He said that India's economy has rebounded fairly robustly following the contraction during the pandemic year and has largely been driven by robust domestic demand.
He also dismissed concerns about India's debt sustainability and added that the World Bank had no such fears that the country affected by the global rise in commodity prices and tightening monetary politics had been far less affected than its peers.
Auguste Tano Kouamé, World Bank's India director also praised the Narendra Modi government and said that India is very ambitious. The government has done a number of things to make the economy resilient and is also putting in a lot of effort to make the economy very dynamic.
The Indian economy is expected to grow at 6.9 per cent in FY23, the World Bank said earlier today. This is up from its October estimate of 6.5 per cent due to the robust economic activities.
Last week the government had said that the GDP for the full fiscal year is likely to be between 6.8 and 7 per cent. The annual retail inflation figures eased to a three-month low of 6.77 per cent in October. That is however an above the Reserve Bank of India's (RBI) upper limit of six per cent.