World Bank sees India growth slowing to 6.6% next fiscal from expected 6.9%

India's economic growth rate will slow to 6.6 per cent in next financial year from an expected 6.9 per cent in 2022-23, the World Bank said in its latest economic update.

India however is expected to be the fastest growing economy of the seven largest emerging-market and developing economies (EMDEs), it said.

The growth rate of 6.9 per cent in current fiscal year (April 2022 to March 2023) compares with 8.7 per cent in the previous year. For 2024-25, the growth rate is projected at 6.1 per cent.

"The slowdown in the global economy and rising uncertainty will weigh on export and investment growth," it said.

The government has increased infrastructure spending and various business facilitation measures. However, it will crowd-in private investment and support the expansion of manufacturing capacity.

"Growth is projected to slow, to 6.6 per cent in FY2023/24 before falling back toward its potential rate of just above 6 per cent," it said.

The GDP expanded by 9.7 per cent on an annua