India will remain the fastest-growing major economy in terms of both aggregate and per capita GDP despite the slowdown in growth, the World Bank said on Tuesday.
“Growth is projected to pick up slightly through 2025-26 as inflation moves back toward the midpoint of the tolerance range and reforms payoff,” World Bank said.
The World Bank kept its April forecasts unchanged, projecting India’s growth for FY24 at 6.3%, increasing to 6.4% in FY25. For FY26, it has projected a growth of 6.5%. It said India will lift the growth prospects of the South Asian region.
“Unexpected resilience in private consumption and investment, and robust growth in the services sector in India, underlie an upward revision to growth in 2023,” said the report.