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The World Bank has revised its economic growth forecast for India during the current financial year at 6.9 per cent, in line with the advance estimate put out by the Central Statistics Office.
This growth estimate is higher than the 6.8 per cent predicted for 2011-12 in the World Bank's global economic prospects report released last month. India's economy may grow between 7 per cent and 7.5 per cent in 2012-13, the World Bank said on Friday in its latest India Economic Update. This forecast is higher than the 6.8 per cent growth earlier predicted for 2012-13.
Indian economy grew 8.4 per cent in 2010-11. The economic growth was impacted by the spate of policy rate hikes undertaken by the central bank since March 2010 to stem inflation.
The increased interest cost had severely impacted corporate investments.
The World Bank said that the slowdown in GDP growth witnessed over the last two quarters is likely to stretch to the coming fiscal year as investment climate remains weak.
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