World Bank raises India's growth forecast for FY25 to 7%, says this on unemployment
World Bank: The World Bank said that India's medium-term economic growth rate will remain strong at an average of 6.7% during the next two financial years. It also said that it expects private investment to come gradually and help improve consumption.
Muskan
Follow Us
The World Bank raised its forecast for India's growth rate for FY25 to 7% from 6.6% earlier. World Bank India Director Auguste Tano Koume said, "The Indian economy is growing at a good pace, which will maintain the previous momentum." According to the World Bank, global growth is projected to be slower than pre-pandemic levels.
This comes as data released last week revealed that India's economic growth slowed to 6.7% in the April-June quarter due to a decrease in government spending during the national elections.
The World Bank forecasts that India's medium-term economic growth rate will remain strong at 6.7% on average over the next two fiscal years. It also stated that it expects private investment to gradually return and help boost consumption. Job creation is one of the most pressing economic challenges facing India today. The World Bank reported that the urban unemployment rate remains high, at 17% on average.
