India GDP Data: Even though India’s GDP declined to 6.7 percent in the first quarter of the financial year 2024-25 according to government figures, the World Bank expects the Indian economy to grow at the rate of 7 percent in the current financial year. The World Bank has raised its estimate of India’s GDP growth rate for 2024-25 from 6.6 percent to 7 percent.
The World Bank believes that the Indian economy will perform strongly due to the surge in private consumption and investment, due to which the economic growth rate estimate has been increased. Earlier, the International Monetary Fund has also projected 7 percent GDP for India in the financial year 2024-25. The IMF also increased its estimate by 20 basis points to 7 percent. The Reserve Bank of India, the regulator of India’s banking sector, has projected the Indian economy to grow at the rate of 7.2 percent in the financial year 2024-25.
According to the World Bank, the economic growth rate of the Indian economy is estimated to be 7 percent in the current financial year 2024-25 on the back of improvement in demand in the agricultural sector and rural areas. In June 2024, the World Bank had estimated 6.6 percent. The World Bank said in its report, India’s economic growth will remain strong despite the challenging global environment. Senior World Bank economist Ran Lee said that India’s GDP forecast has been revised on the back of improvement in monsoon and private consumption.
The World Bank said in the India Development Update Report that India, which is a large part of the South Asia region, is expected to have an economic growth rate of seven percent in 2024-25. According to the report, the improvement in the agricultural sector will compensate for the slight decline in the industry and services will remain strong. Improvement in agriculture will also strengthen rural demand.
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