The World Bank sees India’s economic growth rising to 5.7 per cent in 2013-14, buoyed by gradual strengthening of external demand.
Growth is projected to accelerate to 6.5 per cent in 2014-15 and 6.7 per cent in 2015-16, the World Bank said in its latest edition of the Global Economic Prospects released on Thursday.
However, the GDP growth forecast of 5.7 per cent for 2013-14 is lower than the 6.1 per cent growth projected in the January edition of this report.
The Indian economy had in 2012-13 recorded growth of five per cent, the slowest pace since 2003. It was also less than the 10-year average of eight per cent.
The Finance Ministry had in February this year projected India’s economic growth to be between 6.1-6.7 per cent in 2013-14.
The World Bank report said the global economy would expand 2.2 per cent in 2013, paring a forecast of 2.4 per cent in January.