Which organization recently released India Development Update: India’s Trade Opportunities in a Changing Global Context report?

The World Bank stated that India’s medium-term outlook remains positive despite challenging global conditions. India’s growth is expected to reach 7% in the financial year 2024-25 and stay strong in 2025-26 and 2026-27. The World Bank released a report ‘India Development Update: India’s Trade Opportunities in a Changing Global Context’ on 3 September 2024. With strong revenue growth and fiscal consolidation, the debt-to-GDP ratio is projected to decrease from 83.9% in 2023-24 to 82% by 2026-27. The current account deficit is expected to remain around 1 to 1.6% of GDP until 2026-27. The World Bank emphasized the importance of trade for growth but noted that increased protectionism and barriers could limit trade opportunities.