'Ambitious... resilient': What World Bank experts said on Indian economy

India is more resilient now than it was 10 years ago, senior economist at the World Bank Dhruv Sharma said amid the revision in its 2022-23 GDP forecast for India. He added that India has not "fared that badly" as compared with other emerging markets.

"Rupee has depreciated by just about 10% over the course of this year. India has not fared that badly compared to other emerging markets," Sharma said.

The World Bank said in its latest report that India's economy will grow at a rate of 6.9% in 2022-23 fiscal year, as opposed to the earlier predicted rate at 6.5%.

"The World Bank has revised its 2022-23 GDP forecast upward to 6.9% from 6.5% due to robust economic activities in India," the World Bank said.

Sharma further added that India is navigating the "global headwinds" due to steps taken in the last 10 years. "India is more resilient now than it was 10 years ago. All steps taken over the past 10 years are helping India navigate the global headwinds," he said.

The bank's director for India, Auguste Tano Kouamé, lauded the Indian government's moves to make the country's economy resilient."India is very ambitious. The government has done a number of things to make the economy resilient and is putting a lot of effort to make the economy dynamic," he added.

India, like its global peers, has been plagued by a rise in commodity prices and tightening monetary policy by central banks worldwide.

However, the World Bank is confident that the global slowdown has a much lower impact on India, compared to other emerging economies.