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'Rare to see...': Anand Mahindra reacts to World Bank's India GDP forecast; makes THIS BIG statement

The World Bank has revised India's GDP forecast upward to 6.9% for this fiscal. It's notable that the bank had cut India's GDP growth forecast to 6.5% from 7.5% in October.

'Rare to see...': Anand Mahindra reacts to World Bank's India GDP forecast; makes THIS BIG statement

Mahindra and Mahindra Group Chairman Anand Mahindra today reacted to the World Bank's forecast of India's GDP growth. The World Bank has revised India's GDP forecast upward to 6.9% for this fiscal. It's notable that the bank had cut India's GDP growth forecast to 6.5% from 7.5% in October. Mahindra said that it's rare to see an upgrade of GDP forecast these days. He said that it would be energising if India beats this forecast to grow at more than 7%.

"Rare to see an upgrade in a GDP forecast these days. Now, what would be REALLY energising is if we could make even this forecast obsolete and get our GDP to vault over the 7% bar!" said Mahindra in a tweet.

Revising upwards India's GDP growth forecast to 6.9% for 2022-23, the World Bank said that the Indian economy was showing higher resilience to global shocks.

In another tweet, Mahindra said that India’s greatest ‘Natural’ Resource is Human Capital and that is precisely why he is optimistic about the country's sustained growth in a volatile world.

This is the first upgrade of India's growth forecast by any international agency amid the global turmoil. The report titled 'Navigating the Storm', said while the deteriorating external environment will weigh on India's growth prospects, the economy is relatively well positioned to weather global spillovers compared to most other emerging markets.

In its India Development Update, the World Bank said the revision was due to the higher resilience of the Indian economy to global shocks and better-than-expected second-quarter numbers. India's economy grew at 6.3 per cent in the September quarter 2022-23 as compared to 13.5 per cent in the preceding June quarter, mainly on account of contraction in the output of manufacturing and mining sectors.

(With agency inputs)

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