The Indian economy is expected to grow 6.9% in FY23, up from a 6.5% estimate, says a World Bank report, citing tightening monetary policy and high commodity prices as factors impacting the country’s growth. The report sees average retail inflation at 7.1 this year. India’s economy expanded 6.3% in the July-September quarter, and gross domestic product growth for the full fiscal year is likely to be 6.8-7%.
The World Bank raised its forecast for India’s growth to 6.9% for the current fiscal year from 6.5% earlier. The Bank trimmed its expectation for the next fiscal year to 6.6% from 7% earlier. 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 will have a much lower impact on India, compared to other emerging economies.
The report sees average retail inflation at 7.1% this year and warns that the fall in commodity prices could dampen inflationary pressures. India’s annual retail inflation eased to a three-month low of 6.77% in October, but some economists believe it could take up to two years before the rate eases to 4% — the middle level of the Reserve Bank of India’s target.
With the escalation in prices of raw materials and fuel, the industry saw slower growth, though it was much better than the past two pandemic-affected years.
We at WFM Media spoke to many experts from window, door, façade, cladding and other building materials to understand the performance of the façade and fenestration industry. Here is what we gathered:
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