{"id":309427,"date":"2024-09-05T18:35:30","date_gmt":"2024-09-05T13:05:30","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=309427"},"modified":"2024-09-05T18:35:30","modified_gmt":"2024-09-05T13:05:30","slug":"world-banks-growth-forecast-for-india-2","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/world-banks-growth-forecast-for-india-2\/","title":{"rendered":"World Bank’s growth forecast for India"},"content":{"rendered":"

Source<\/strong>: The post World Bank’s growth forecast for India has been created, based on the article \u201cTrading up: World Bank\u2019s growth prognosis for India moots some policy shifts<\/strong>\u201d published in \u201cThe Hindu<\/strong>\u201d on 5th August 2024<\/strong><\/p>\n

UPSC Syllabus Topic: <\/strong>GS paper 3 \u2013 Indian Economy -growth, development and employment<\/p>\n

Context:<\/strong> The article discusses India’s revised GDP growth forecast for 2024-25, now at 7%, and highlights the World Bank’s concerns. It emphasizes the need for job creation, boosting trade, and addressing barriers to exports, investments, and foreign trade agreements.<\/p>\n

For detailed information on World Bank Raises India\u2019s Economic Growth Forecast<\/strong> read this article here<\/a><\/p>\n

What is the World Bank’s growth forecast for India?<\/strong><\/h2>\n
    \n
  1. 2024-25 Growth Forecast<\/strong>: The World Bank raised India\u2019s GDP growth forecast to 7%<\/strong>, up from its earlier estimate of 6.6%<\/strong>. This is in line with the projections of the International Monetary Fund and the Asian Development Bank but slightly lower than the 7.2%<\/strong> predicted by the Reserve Bank of India and Fitch Ratings.<\/li>\n
  2. Global Economic Context<\/strong>: Despite a weak global economy, with global growth expected to remain at 2.6%<\/strong>, India’s economy is projected to perform strongly.<\/li>\n
  3. Sectoral Growth<\/strong>: Private consumption is expected to rise by 5.7%<\/strong>, and the agricultural sector is predicted to grow by 4.1%<\/strong>, which could help balance out a moderation in industrial growth.<\/li>\n
  4. Challenges for Non-Farm Jobs<\/strong>: While the Production Linked Incentive schemes<\/strong> support manufacturing, they may not generate enough jobs for India\u2019s young workforce. The Bank urges a rethink of strategies to create more non-farm employment opportunities.<\/li>\n
  5. India\u2019s Trade Strategy<\/strong>: India’s global trade share does not reflect its economic size. The World Bank recommends reducing tariffs, non-tariff barriers, and foreign direct investment curbs. It also calls for revisiting India\u2019s stance on multilateral trade agreements like the RCEP<\/strong> to boost trade.<\/li>\n<\/ol>\n

    Question for practice:<\/strong><\/h2>\n

    Discuss the World Bank’s revised GDP growth forecast for India in 2024-25 and the challenges highlighted in relation to job creation and trade.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Source: The post World Bank’s growth forecast for India has been created, based on the article \u201cTrading up: World Bank\u2019s growth prognosis for India moots some policy shifts\u201d published in \u201cThe Hindu\u201d on 5th August 2024 UPSC Syllabus Topic: GS paper 3 \u2013 Indian Economy -growth, development and employment Context: The article discusses India’s revised… Continue reading World Bank’s growth forecast for India<\/span><\/a><\/p>\n","protected":false},"author":10382,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230],"tags":[216,8184,10498],"class_list":["post-309427","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","tag-gs-paper-3","tag-indian-economy","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\/309427","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\/10382"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=309427"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/309427\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=309427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=309427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=309427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}