Mahindra and Mahindra chairperson Anand Mahindra believes that India’s growth resilience despite global economic challenges disrupting momentum is “the perfect testimonial” to the country’s growth story.
What Happened? Mahindra, referring to a World Bank update on India’s economic growth, tweeted that the crucial aspect of the country’s resilience is to utilise this perception to entice more investment, both from domestic and international investors.
This, the seasoned entrepreneur concedes, will help maintain the country’s growth and resilience.
The World Bank downgraded India's economic growth rate for the current fiscal year on Tuesday by 0.3 percentage points from its December forecast to 6.3%.
The revision was due to high borrowing costs, slower income growth, weaker consumption, and tighter fiscal expenditure by the government. That said, the multilateral agency noted that the country’s growth rate would remain resilient to external shocks.
Get all the latest Share Market trends and news to set you up for the week ahead.
Improvements in asset quality and robust private sector credit growth have buoyed India’s financial sector, keeping it strong, notes World Bank.
The report also forecasts a growth of 6.9% in private consumption in FY24, which is lower than the growth of 8.3% seen in FY23. On the other hand, the bank predicts that government consumption will contract by 1.1% in FY24 after expanding by 1.2% in FY23.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.