look news india
New Delhi, 03 September (HS). The World Bank has increased the estimate of the country's economic growth rate. The World Bank has estimated the growth rate of the Indian economy to be 7 percent in the current financial year 2024-25 on the back of improvement in the agricultural sector and rural demand. Earlier in June, the World Bank had estimated India's gross domestic product (GDP) growth rate to be 6.6 percent.
The World Bank has said in its 'India Development Update' report released on Tuesday that the Indian economy will remain strong despite the slowdown in global growth. The report said that India, which is a large part of the South Asia region, is expected to have an economic growth rate of seven percent in the financial year 2024-25. According to the World Bank, the improvement in the agricultural sector will partially compensate for the slight decline in industry and services will remain strong. The expected improvement in agriculture will also improve rural demand.
It is noteworthy that according to the data released by the National Statistical Office (NSO) of the Government of India last week, due to the reduction in government expenditure during the elections, the country's economic growth rate has slowed down to 6.7 percent in the first quarter (April-June, 2024) of the current financial year 2024-25. However, the International Monetary Fund (IMF) has projected the economic growth rate to be 7 percent. At the same time, the Reserve Bank of India (RBI) has projected the Indian economy to grow at the rate of 7.2 percent in the current financial year 2024-25.