The World Bank has provided the following economic outlook for India:
India’s economic growth is projected to decelerate to 6.3% in FY24 from the previous year’s 7.2%.
Despite the slowdown, India is expected to remain one of the fastest-growing major economies.
The anticipated slowdown can be attributed to various factors, including unfavorable base effects, a global economic slowdown, and rising price pressures.
Headline inflation is predicted to have an average of 5.9% in FY24.
The Current Account Deficit is forecasted to narrow down to 1.4% of GDP in FY24.
Fiscal Deficit is expected to decrease to 8.7% in FY24, down from the previous year’s 9% of GDP.
On Tuesday, the BSE Sensex experienced a decline of 316.31 points, closing at 65,512.10, representing a 0.5% decrease. Similarly, the NSE NIFTY ended in negative territory, closing at 19,528.75 points, down by 0.6%. During the same trading session, NIFTY saw a drop of 109.55 points.