India better positioned to navigate global headwinds: World Bank

India's economy has demonstrated resilience despite a challenging external environment, the World Bank said on Tuesday. The World Bank has revised its 2022-23 GDP forecast upward from 6.5 per cent in October to 6.9 per cent. 

In its report titled 'Navigating the Storm', the World Bank said despite external challenges, the Indian economy is relatively well positioned to weather global spillovers compared to most other emerging markets. 

The impact of a tightening global monetary policy cycle, slowing global growth and elevated commodity prices will mean that the Indian economy will experience lower growth in 2022-23 financial year compared to 2021-22.  

"Despite these challenges, the update expects India to register a strong GDP growth and remain one of the fasted growing major economies in the world, due to robust domestic demand," the global institution said.