What’s in the news?
- The World Bank has estimated that India will grow 6.5% in the current fiscal year (FY22-23), after having grown at 8.7% in the fiscal year ended March 31.
- The estimate for the current year was revised downwards by one percentage point since June due to persistent pressures. The Indian economy is expected to speed up to 7.0% in the next fiscal year, before settling back down to 6.1% in FY24-25.
- The numbers were released as part of the World Bank’s twice yearly South Asia Economic Focus, titled, ‘Coping with Shocks: Migration and the Road to Resilience’.
- Afghanistan, Sri Lanka and Pakistan are more at risk and will see poverty increase in 2022.
- As a whole, South Asia, excluding Afghanistan, is forecast to grow at 5.8% for the current calendar year and the next two years, having grown at 7.8% in 2021.