India fastest growing economy, to clock 6.7% growth over 3 years: World Bank

India will remain the fastest-growing major economy recording a steady growth of 6.7 per cent in the next three years including the current financial year, said a world bank report released on Tuesday.

The report highlights that India's growth is projected to reach 8.2% in the fiscal year 2023-24, spanning from April 2023 to March 2024. This figure is 1.9 percentage points higher than the World Bank's January estimate.

Globally, growth is expected to remain stable at 2.6% in 2024 and then slightly increase to an average of 2.7% in 2025-26. However, these projections are below the pre-COVID-19 decade average of 3.1%.

Also read/watch - Zomato to invest ₹300 cr into Blinkit amid rising competition

"The forecast implies that over the course of 2024-26 countries that collectively account for more than 80 per cent of the world's population and global GDP would still be growing more slowly than they did in the decade before COVID-19," it said.

Growth in the South Asia (SAR) region is projected to slow from 6.6 per cent in 2023 to 6.2 per cent in 2024, mainly due to a moderation of growth in India from a high base in recent years.

With steady growth in India, regional growth is forecast to stay at 6.2 per cent in 2025-26. Among the region's other economies, growth is expected to remain robust in Bangladesh, though at a slower rate than in the past several years, and to strengthen in Pakistan and Sri Lanka.