{"id":338546,"date":"2023-04-04T15:02:00","date_gmt":"2023-04-04T09:32:00","guid":{"rendered":"https:\/\/nagalandpost.com\/?p=338546"},"modified":"2023-04-04T14:47:54","modified_gmt":"2023-04-04T09:17:54","slug":"world-bank-cuts-indias-gdp-growth-to-6-3-for-2023-24","status":"publish","type":"post","link":"https:\/\/nagalandpost.net\/index.php\/2023\/04\/04\/world-bank-cuts-indias-gdp-growth-to-6-3-for-2023-24\/","title":{"rendered":"World Bank cuts India&#8217;s GDP growth to 6.3% for 2023-24"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">India&#8217;s GDP is expected to slide down to 6.3 per cent in 2023-24 as against its earlier estimate of 6.6 per cent, mainly due to consumption falling owing to higher borrowing costs, according to a World Bank report released on Tuesday.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since May last year, the Reserve Bank of India has been hiking interest rates to control inflation. In its &#8220;India Development Update&#8221;, the World Bank said that economic growth is likely to be impacted due to sluggish consumption growth, coupled with challenging external factors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;Rising borrowing costs and slower income growth will weigh on private consumption growth and government consumption is projected to grow at a slower pace due to the withdrawal of pandemic-related fiscal support measures,&#8221; it said. According to the report, India&#8217;s current account deficit is also likely to come down to 2.1 per cent in 2023-24, as against 3 per cent in 2022-23. On inflation, the World Bank report said that it is likely to ease to 5.2 per cent in the current fiscal as against 6.6 per cent in the previous fiscal.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India&#8217;s GDP is expected to slide down to 6.3 per cent in 2023-24 as against its earlier estimate of 6.6 per cent, mainly due to consumption falling owing to higher borrowing costs, according to a World Bank report released on Tuesday. Since May last year, the Reserve Bank of India has been hiking interest rates [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":338549,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[667],"tags":[],"class_list":["post-338546","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"_links":{"self":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/338546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/comments?post=338546"}],"version-history":[{"count":0,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/338546\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media\/338549"}],"wp:attachment":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media?parent=338546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/categories?post=338546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/tags?post=338546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}