Impending slowdown

Global uncertainty will affect economic growth

The World Bank and the Asian Development Bank (ADB) on Tuesday came up with new growth estimates. Expectedly, both projections underline that the Indian economy will slow in 2023-24. According to the World Bank’s projections, India will grow at 6.3 per cent, while the ADB expects growth at 6.4 per cent. The projections are close to what the Economic Survey had forecast in January. It had projected a baseline growth rate of 6.5 per cent with a range of 6-6.8 per cent. Projections by multilateral agencies are within the given range. However, given the evolving global and domestic macroeconomic conditions,