The World Bank, in its India Development Update Report released on October 3, 2023, expects the Indian economy to grow by 6.3% in 2023-24, even though it expects the global economy to face challenging times.
The Indian economy grew by 7.2 % in 2022-23. According to the Bank's Country Director in India, Auguste Kouame, "An adverse global environment will continue to pose challenges in the short-term for the Indian economy."
The World Bank's growth forecast for the current financial year is 20 basis points lower than the Reserve Bank of India (RBI). RBI expects India to grow by 6.5% in 2023-24. One basis point is a hundredth of a percentage point.
The World Bank expects the Indian economy to grow by 6.4% in 2024-25 and 6.5% in 2025-26.
The Indian Economy grew by 7.8% in the first quarter (April-June) of 2023-24.
The World Bank is the world's largest Multilateral Development Bank. It was set up in July 1944 after the successful conclusion of the United Nations Monetary and Financial Conference held at Bretton Woods, New Hampshire, United States. The conference, which was held from July 1 to 22, 1944, is also known as the Bretton Woods Conference.
Initially, the World Bank was known as the International Bank for Reconstruction and Development (IBRD). Later, its name was changed to the World Bank when more institutions were set up by the World Bank.
The main purpose of the World Bank was to provide loans to the member countries for economic development. Later on, the World Bank created new institutions according to the emerging different needs of the member countries.
At present, the World groups include five institutions:
At present, there are 189 member countries of the World Bank. These countries are the shareholders of the World Bank and, hence, the owner of the Bank. The United States of America holds a 17.25% share in the World Bank and is the largest shareholder of the Bank.
India is the 7th largest shareholder of the World Bank with a 2.91% share.
The Headquarters of the World Bank Group is in Washington D.C., United States of America.
President of World Bank: Ajay Banga (American citizen)