World Bank predicts 7.5% growth in the Indian economy this year

BNE News Desk

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New Delhi: The World Bank has revised its projections for the Indian economy and now expects it to grow at 7.5 percent in 2024. The World Bank has revised its earlier projections for the same period by 1.2 percent.

The growth is expected to be "driven by resilient activity in services and industry". At present, India is the fifth largest economy in the world, and is expected to become the third-largest by 2030. South Asia is expected to be strong at 6.0 percent in 2024, driven mainly by robust growth in India and recoveries in Pakistan and Sri Lanka. 

According to the UN body, South Asia is expected to remain the fastest-growing region in the world for the next two years, with growth projected to be 6.1 percent in 2025. India, which accounts for the bulk of the region's economy, is expected to reach output growth of 7.5 percent in the financial year 23-24 before returning to 6.6 percent over the medium term.  Meanwhile, Bangladesh's output is expected to rise by 5.7 percent in FY24-25, while Pakistan's economy is expected to grow by 2.3 percent in FY24-25 amid improvement in business confidence. At the same time, Sri Lanka's output growth is expected to strengthen to 2.5 percent in 2025, with modest recoveries in reserves, remittances, and tourism.

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BNE News Desk