{"id":24347,"date":"2023-04-04T17:01:53","date_gmt":"2023-04-04T11:31:53","guid":{"rendered":"https:\/\/demo.testctsl.in\/indiafirstepaper?p=24347"},"modified":"2023-04-04T17:01:53","modified_gmt":"2023-04-04T11:31:53","slug":"world-bank-revises-down-indias-gdp-growth-rate-to-6-3-for-2023-24","status":"publish","type":"post","link":"https:\/\/demo.testctsl.in\/indiafirstepaper\/2023\/04\/04\/world-bank-revises-down-indias-gdp-growth-rate-to-6-3-for-2023-24\/","title":{"rendered":"World Bank Revises Down India&#8217;s GDP Growth Rate to 6.3% for 2023-24"},"content":{"rendered":"<p>India&#8217;s GDP is expected to slide down to 6.3 per cent in 2023-24 as against its earlier estimate of 6.6 per cent, mainly due to consumption falling owing to higher borrowing costs, according to a World Bank report released on Tuesday.<\/p>\n<p>Since May last year, the Reserve Bank of India has been hiking interest rates to control inflation.<\/p>\n<p>In its &#8220;India Development Update&#8221;, the World Bank said that economic growth is likely to be impacted due to sluggish consumption growth, coupled with challenging external factors.<\/p>\n<p>&#8220;Rising borrowing costs and slower income growth will weigh on private consumption growth and government consumption is projected to grow at a slower pace due to the withdrawal of pandemic-related fiscal support measures,&#8221; it said.<\/p>\n<p>According to the report, India&#8217;s current account deficit is also likely to come down to 2.1 per cent in 2023-24, as against 3 per cent in 2022-23.<\/p>\n<p>On inflation, the World Bank report said that it is likely to ease to 5.2 per cent in the current fiscal as against 6.6 per cent in the previous fiscal.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India&#8217;s GDP is expected to slide down to 6.3 per cent in 2023-24 as against its earlier estimate of 6.6 per cent, mainly due to consumption falling owing to higher borrowing costs, according to a World Bank report released on Tuesday. Since May last year, the Reserve Bank of India has been hiking interest rates [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":24348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28,5],"tags":[],"class_list":["post-24347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","category-main-stories"],"_links":{"self":[{"href":"https:\/\/demo.testctsl.in\/indiafirstepaper\/wp-json\/wp\/v2\/posts\/24347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/demo.testctsl.in\/indiafirstepaper\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/demo.testctsl.in\/indiafirstepaper\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/demo.testctsl.in\/indiafirstepaper\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/demo.testctsl.in\/indiafirstepaper\/wp-json\/wp\/v2\/comments?post=24347"}],"version-history":[{"count":1,"href":"https:\/\/demo.testctsl.in\/indiafirstepaper\/wp-json\/wp\/v2\/posts\/24347\/revisions"}],"predecessor-version":[{"id":24349,"href":"https:\/\/demo.testctsl.in\/indiafirstepaper\/wp-json\/wp\/v2\/posts\/24347\/revisions\/24349"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/demo.testctsl.in\/indiafirstepaper\/wp-json\/wp\/v2\/media\/24348"}],"wp:attachment":[{"href":"https:\/\/demo.testctsl.in\/indiafirstepaper\/wp-json\/wp\/v2\/media?parent=24347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/demo.testctsl.in\/indiafirstepaper\/wp-json\/wp\/v2\/categories?post=24347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/demo.testctsl.in\/indiafirstepaper\/wp-json\/wp\/v2\/tags?post=24347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}