New Delhi:
The growth rate of the Indian economy is estimated to be 7 percent in the current financial year 2024-25 on the back of improvement in the agricultural sector and rural demand. According to a report released by the World Bank on Tuesday, India’s growth rate remains strong despite the challenging global environment. The World Bank had earlier estimated in June that India’s growth rate would be 6.6 percent.
World Bank senior economist Ran Li said that India’s gross domestic product (GDP) forecast has been revised on the back of monsoon and improvement in private consumption.
“India, which forms the bulk of the South Asia region, is expected to grow at 7 per cent in 2024-25…” the World Bank said in its ‘India Development Update’ report.
It said, “Improvement in the agricultural sector will partially offset the slight decline in industry and services will remain strong… The expected improvement in agriculture will also improve rural demand…”
According to data released by the central government last week, India’s economic growth slowed to 6.7 per cent in the first quarter (April-June, 2024) of the financial year 2024-25 due to the reduction in government expenditure during the Lok Sabha elections held a few months ago.
(Input also from PTI)
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