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World Bank predicts decline in GDP, India's growth rate will be fastest in FY 22-23

  New Delhi: India's gross domestic product (GDP) may slow in FY22-23 amid worsening global conditions. GDP growth is expected to slow to 6.9% in FY22-23. The World Bank has made this claim in its Growth Outlook report focusing on India. The World Bank has said in its latest report that the Indian economy may face many challenges in the coming days. Although these conditions are global, they will affect India as well. The situation arising out of the supply chain crisis and the Ukraine war has not seen a significant impact on the local economy, but it is causing a worsening trade balance and risk of inflation due to rising imports.

India's growth rate will be the fastest

The World Bank has said that GDP growth is expected to be 6.9% in FY22-23 compared to 8.7% in FY21-22. But still India is projected to be one of the fastest growing major economies. The slowdown in emerging economies could make India an attractive alternative investment destination, the World Bank said in its India Growth Outlook report.