Indian economy to grow, Global growth will dip-World Bank

Indian economy is expected to grow at 8.3 percent in the current financial year. In its latest predictions, the World Bank has upgraded India's GDP growth for the next fiscal to 8.7 percent, reflecting higher investment from the private sector and in infrastructure, and dividends from ongoing reforms. In its Global Economic Prospects, World Bank said, the growth outlook will also be supported by ongoing structural reforms, a better-than-expected financial sector recovery, and measures to resolve financial sector challenges despite ongoing risks. The growth rate of the Indian economy in the current and next fiscal will be stronger as compared to its immediate neighbours.It said, global economic growth will dip to 4.1 percent in current financial year and 3.2 percent in the next fiscal.

According to the Global Economic Prospects report, the growth rate of the Indian economy in the current and next fiscal will be stronger as compared to its immediate neighbours. As per the World Bank report, will "decelerate markedly" this year as COVID-19 outbreaks and supply chain snarls persist. At the same time, the support programmes unveiled by several governments are about to end, it added.

For India, however, the successive World Bank projections have signalled a post-pandemic recovery. On March 31, the bank said India's real GDP growth for fiscal year 21-22 could range from 7.5 to 12.5 per cent. Bangladesh is expected to grow at 6.4 and 6.9 percent in FY22 and FY23, respectively; Nepal at 3.9 percent this fiscal and at 4.7 percent in the next financial year; and Pakistan's economy is predicted to accelerate by 3.4 percent in FY22 and 4 percent in FY23, as per the report.