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World Bank cuts India’s FY24 growth estimate to 6.3%

The World Bank said on Tuesday it had cut its forecast for India’s economic growth in the current fiscal year, which began on April 1, to 6.3% from 6.6%.

Asia’s third-largest economy grew 4.4 percent year-on-year in October-December, down from 11.2 percent a year ago and 6.3 percent in the previous quarter.

To curb inflation, India’s central bank has raised interest rates by 250 basis points since May.
To curb inflation, India’s central bank has raised interest rates by 250 basis points since May.

“Rising borrowing costs and slower income growth will impact private consumption growth,” the World Bank said in a report.

“Government consumption is expected to grow more slowly due to the withdrawal of pandemic-related fiscal support measures.”

The World Bank estimated growth for last fiscal year at 6.9%.

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