 |
| India is expected to remain the world's fastest growing economy. (Source: Outlook India) |
The World Bank's overall forecast points to a bright outlook for India's growth, even as its latest report warns the global economy will experience its worst five-year period of gross domestic product (GDP) growth in the past 30 years.
The World Bank also expects India to retain its top spot with growth projected at 6.4% in the next fiscal year starting April 2024, up slightly from an estimated 6.3% for the current fiscal year.
India's growth momentum will be driven by public investment and improving corporate balance sheets, the Washington-based financial institution added.
Financial experts are optimistic about India's economic growth prospects.
Mr. Amar Ambani, CEO of investment brokerage firm Yes Securities, believes that India will achieve a growth rate of 7% or even slightly higher than the market forecast.
However, the bright outlook could still be hampered as the global economic environment remains weak, negatively affected by factors such as extreme weather, war in the Middle East and ongoing conflict in Ukraine.
Another risk factor that could impact the economy is India's next general election, which is due to be held in April-May 2024. But recent state elections have shown that Prime Minister Narendra Modi's Bharatiya Janata Party still enjoys popular support.
Based on that result, analysts expect Mr. Modi to win a third term as Prime Minister and help maintain consistent policies in India.
Source
Comment (0)