World Bank Projects 6.3% Growth Rate for India in 2023-24

New Delhi: The World Bank has retained its projection of 6.3 per cent growth in India’s GDP during the current financial year. The RBI has however projected the growth rate expectation as 6.5 per cent.

“The expected moderation is mainly due to challenging external conditions and waning pent-up demand. However, service sector activity is expected to remain strong with growth of 7.4 per cent and investment growth is also projected to remain robust at 8.9 per cent,” said the World Bank’s latest ‘India Development Update’ (IDU).

The April update of the World Bank forecasted India’s GDP to grow at 6.3 per cent in 2023-24 as against its earlier projection of 6.6 per cent made in October last year.

The RBI, too, will give fresh projections at the end of its Monetary Policy Committee meeting chaired by its chief Shaktikanta Das on October 6.