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The World Bank lowered its economic growth forecast for India due to increased global economic uncertainty. The global economy is entering uncharted territory, presenting heightened challenges for South Asia. Trade is becoming less open, policy uncertainty is soaring, and downside risks are rising. In India, growth in FY24/25 disappointed because of slower growth in private investment and public capital expenditures that did not meet government targets, the World Bank said in its South Asia Development Update, April 2025 report titled Taxing Times. In its budget for FY24/25, the government announced fiscal consolidation but also tax cuts to support private consumption and regulatory streamlining to spur private investment. GDP growth is expected to slow from 6.5 percent in FY24/25 to 6.3 percent as in FY25/26, the bank noted. The benefits to private investment from monetary easing and regulatory streamlining are expected to be offset by global economic weakness and policy uncert...
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