India's GDP growth to be moderate: World Bank

On Tuesday, the World Bank announced it had reduced its estimate for India's economic growth in the current fiscal year, which began on April 1, from 6.6% to 6.3%.

"India's GDP growth is likely to moderate to 6.3 pc in FY24 due to shrinkage in consumption on the back of slower income World Bank report", the World Bank said in a report.

The Current Account Deficit is expected to be 5.2% for the year 2024, according to the report. The World Bank projected Current Account Deficit to moderate to 2.1 per cent in FY24, as against 3 per cent in the current financial year. "The government also has plans to reduce the fiscal deficit through fiscal consolidation thanks to higher revenues but also with well managed expenditures," Auguste T. Kouame, India's World Bank Country Director said

Growth is likely to be constrained by slower consumption growth and challenging external conditions, the World Bank said in its India Development Update.

With inputs from PTI