World Bank lowers India's growth forecast to 6.3 pct in FY23-24

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World Bank lowers India's growth forecast to 6.3 pct in FY23-24

STORY: World Bank lowers India's growth forecast to 6.3 pct in FY23-24 DATELINE: April 5, 2023 LENGTH: 00:01:35 LOCATION: New Delhi CATEGORY: ECONOMY SHOTLIST: 1. various of India Gate 2. various of markets 3. various of a gas station 4. various of traffic STORYLINE: The World Bank on Tuesday lowered India's economic growth forecast to 6.3 percent for the financial year 2023-24 from its earlier estimate of 6.6 percent announced last December. The international financial institution in its report attributed the downgrade to slower consumption growth and challenging external conditions. "The World Bank has revised its FY23-24 GDP forecast to 6.3 percent from 6.6 percent (December 2022). Growth is expected to be constrained by slower consumption growth and challenging external conditions," the report said. "Rising borrowing costs and slower income growth will weigh on private consumption growth, and government consumption is projected to grow at a slower pace due to the withdrawal of pandemic-related fisca

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