{"id":309218,"date":"2024-09-04T18:11:47","date_gmt":"2024-09-04T12:41:47","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=309218"},"modified":"2024-09-04T18:11:47","modified_gmt":"2024-09-04T12:41:47","slug":"world-bank-raises-indias-economic-growth-forecast","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/world-bank-raises-indias-economic-growth-forecast\/","title":{"rendered":"World Bank Raises India’s Economic Growth Forecast"},"content":{"rendered":"

Source-<\/strong> This post on World Bank Raises India’s Economic Growth Forecast to 7% for FY 2024-25\u00a0<\/strong>has been created based on the article “World Bank hikes India\u2019s economic growth projection to 7% for FY 2024-25”<\/a><\/strong> published in \u201cThe Hindu\u201d on 4th September 2024.<\/p>\n

Why in News?<\/h2>\n

The World Bank has revised its growth projection for India’s economy, predicting a 7% expansion for the fiscal year 2024-25. This new estimate is an increase from its earlier forecast of 6.6%, reflecting India’s robust economic performance despite global challenges.<\/p>\n

Highlights of the report<\/h2>\n

The report highlights several factors contributing to India’s growth:<\/p>\n

1. Public Infrastructure Investments:<\/strong> Significant investments in public infrastructure have provided a substantial boost to economic activity.<\/p>\n

2. Household Investment in Real Estate:<\/strong> An upswing in household investments in the real estate sector has further supported growth.<\/p>\n

3. Manufacturing and Services Sector Performance:<\/strong> The manufacturing sector grew impressively by 9.9%, while resilient services activity offset underperformance in the agricultural sector.<\/p>\n

4. Improving Employment Trends:<\/strong> Urban unemployment rates have gradually improved since the pandemic, particularly for female workers. Female urban unemployment fell to 8.5% in early FY 2024-25, although urban youth unemployment remains high at 17%.<\/p>\n

Strategic Recommendations for Trade Growth<\/h2>\n

To achieve ambitious $1 trillion merchandise export target, the report recommends a three-pronged strategy:<\/p>\n

i) Reducing Trade Costs:<\/strong> Lowering the costs associated with trade to enhance competitiveness.<\/p>\n

ii) Lowering Trade Barriers:<\/strong> Removing or reducing trade barriers to facilitate smoother international trade.<\/p>\n

iii) Deepening Trade Integration:<\/strong> Strengthening India’s integration into global trade networks to maximize its trade potential.<\/p>\n

UPSC Syllabus: Indian Economy<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Source- This post on World Bank Raises India’s Economic Growth Forecast to 7% for FY 2024-25\u00a0has been created based on the article “World Bank hikes India\u2019s economic growth projection to 7% for FY 2024-25” published in \u201cThe Hindu\u201d on 4th September 2024. Why in News? The World Bank has revised its growth projection for India’s… Continue reading World Bank Raises India’s Economic Growth Forecast<\/span><\/a><\/p>\n","protected":false},"author":10366,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127],"tags":[11872,10498],"class_list":["post-309218","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","tag-9pm-daily-factly","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/309218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10366"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=309218"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/309218\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=309218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=309218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=309218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}