World Bank projects India’s economy to grow by 6.7 per cent in the next fiscal year starting in April, slightly higher than in the current fiscal year. World Bank’s Global Economic Prospects released yesterday estimated the current fiscal year’s growth rate at 6.5 per cent, down from 8.2 per cent in the previous period.
The services sector is expected to grow steadily, and manufacturing will improve with government support, leading to a projected growth of 6.7% for the next two years. With the global gross domestic product growth rate stuck at 2.7 per cent since 2023 and projected to remain so until 2026, according to the Bank, India stands out as the world’s fastest-growing major economy.
China follows it with a projected growth of 4.5 per cent this calendar year, and slowing down to 4 per cent next year. The world’s largest economy, the US, was estimated to have grown by 2.8 last year with the projected growth slowing down to 2.3 per cent this year and 2 per cent next year.
