look news india
Mumbai: There is a difference of opinion regarding the estimate of India's economic growth rate for the current financial year. While some bankers are reducing the estimate, some are keeping the rate below seven percent. However, in a statement issued by the World Bank, India's GDP estimate for the financial year 2025 has been revised to seven percent.
The World Bank had earlier estimated 6.60 percent. The World Bank has raised its outlook for India amid expectations of strong private consumption and investment.
Earlier, the International Monetary Fund (IMF) had also raised its estimate by 20 basis points to seven percent. The IMF has increased this estimate amid expectations of an increase in private consumption, especially in rural areas.
India's economic growth rate in the first quarter of the current financial year was 6.70 percent, lower than expected. It is believed that the growth rate will remain low due to the Lok Sabha elections.
Nomura on Monday lowered the country's GDP forecast for the financial year 2025 from the earlier 6.90 percent to 6.70 percent. Earlier, Goldman Sachs and JP Morgan had estimated the country's GDP for the current financial year at 6.50 percent. The Reserve Bank of India has projected the country's economic growth rate to be 7.20 percent.
