Modi 3.0 Government / The world will see India's glory in the next 3 years, World Bank has approved it

Vikrant Shekhawat : Jun 12, 2024, 07:00 AM
Modi 3.0 Government: The National Democratic Alliance (NDA) government has been formed in India once again. Narendra Modi has taken over the reins of the country for the third time as Prime Minister. Meanwhile, a report from the World Bank came on Tuesday, claiming that in the coming 3 years the whole world will see the glory of India and its economy. India will set a new record in terms of GDP growth. This report of the World Bank is being seen as a global seal on the continuity of the Modi government.

The World Bank said in a report released on Tuesday that India's GDP growth will remain stable at 6.7 percent in the next three years. This will keep it as the fastest growing economy in the world. The World Bank released its 'Global Economic Outlook Report' on Tuesday.

GDP growth may remain 8.2 percent

According to the new report of the World Bank, the country's economic growth is estimated to increase to 8.2 percent in the financial year 2023-24. This is 1.9 percent more than the previous estimate of the World Bank expressed in January 2024. India's economic growth is higher than the world average. According to the World Bank report, global economic growth is expected to remain stable at 2.6 percent in the year 2024. Global growth is expected to increase to an average of 2.7 percent in the next two years. Still, this is much less than the 3.1 percent of the decade before Covid-19.

Covid will affect 80% of the population

Another important thing has been said in the World Bank report that during the financial year 2024-26, the effect of Covid will be seen on more than 80 percent of the world's population. In fact, during this period, the economic growth rate of countries with global GDP will be growing at a slower pace than the decade before Covid-19.

Economic growth in the South Asia zone was 6.6 percent in the year 2023. It is estimated to slow down to 6.2 percent in the year 2024. The real reason for this slowdown may be the slowdown in India's economic growth rate in recent years. However, the World Bank believes that India's economic growth will remain stable during 2025-26. Due to this, the growth rate of the South Asia region is estimated to be 6.2 percent. Among other economies in the region, growth in Bangladesh may be slightly slower than in previous years. At the same time, Pakistan and Sri Lanka are expected to improve.

Inflation likely to come down soon

The World Bank report says that inflation at the global level is expected to come down to 3.5 percent in 2024 and 2.9 percent in 2025. However, this pace of softening of inflation is slower than six months ago. In such a situation, many central banks of most countries of the world may exercise caution regarding reducing policy rates in the coming time. The World Bank said that inflation in India has remained within the Reserve Bank's prescribed range of two to six percent since September 2023.