World Bank Forecast India 2022-23 growth 6.9%

World Bank Forecast India 2022-23 growth 6.9% recently in its India Development Report titled “Navigating the Storm“, upgraded its growth forecast for India’s economy i considering the strong outturn in India in second quarter (July-September) of 2022-23 financial year.

World Bank Navigating the Storm Report

India’s economy has been remarkably resilient to the deteriorating external environment, string macroeconomic fundamentals have places it in good stead compared to other emerging economies.

Auguste Tano Kouame, World’s Bank Country Director in India

• India’s external position has also improved considerably over the past decade. The current account deficit is adequately financed by improving foreign direct investment inflows and a solid holding of foreign exchange reserve.
• Policy reforms and prudent regulatory measures like introduction of Insolvency and Bankruptcy Code and New National Reconstruction Company Limited have also played a key role in developing resilience in Indian economy.
• The report forecasts that India’s economy will grow at slightly lower rate of 6.6% in the 2023-24 fiscal year.

• It was created in 1944, as the International Bank for Reconstruction and Development (IBRD) along with the International Monetary Fund (IMF). The IBRD later became the World Bank.
• WB Group is a unique global partnership of five institutions working for suitable solutions that reduces poverty and build shared prosperity in developing countries.
• It is one of United Nation’s specialised agency.
• It has 189 members countries and India is also one of member country.
• WB five development institutions
  • International Bank for Reconstruction and Development (IBRD)
  • International Development Association (IDA)
  • International Finance Corporation (IFC)
  • Multilateral Guarantee Agency (MIGA)
  • International Centre for the Settlement of Investment Disputes (ICSID) India not member

• Ease of Doing Business (stop publishing)
• Human Capital Index
• World Development Report
• Global Economic Prospect (GEP) Report
• Remittance Report
• India Development Update
• Universal Health Coverage Index
• The Service Trade Restriction Index