Tag: Economic Trends

Recent Economic Trends Wholesale price inflation fell to 5.85% in November According to the data released by the Ministry of Commerce and Industry, India’s wholesale inflation measured by the wholesale price index (WPI) eased to a 21-month low of 5.85 per cent in November from 8.39 per cent in September. The decline in rate of inflation in November, 2022 is primarily contributed by fall in prices of food articles, basic metals, textiles, chemicals & chemical products and paper & paper products as compared to the corresponding month of the previous year. Note Wholesale Price Index (WPI) represents the price of goods at a wholesale stage i.e. goods that are sold in bulk and traded between organizations instead of consumers. WPI is used as a measure of inflation in some economies. India uses Consumer Price Index (CPI) to measure inflation.

Recent Economic Trends World Bank raises India’s growth projection to 6.9% The World Bank has released the India Development Report titled ‘Navigating the Storm’. The World Bank raised its gross domestic product (GDP) growth forecast for India during the current financial year (FY23) to 6.9 per cent from 6.5 percent, citing the economy’s relative resilience to external headwinds, and a strong out-turn in the second quarter of the current financial year. After three downgrades in its 2022-23 GDP growth estimates, Bank reverses course, citing strong Q2 growth and strong demand at start of Q3; report lauds strong macroeconomic fundamentals. Previously, the World Bank had cut India’s FY23 GDP forecast to 6.5 per cent from 7.5 per cent in October 2022, which came in the wake of a series of growth downgrades by rating agencies, investment banks and other multilateral institutions. About World Bank Formation - December 1945 President - David Malpass Headquarters - Washington D.C.