The current account deficit is anticipated to improve to 1.8 per cent of GDP in FY2023/24, supported by resilient services exports and lower oil import costs.
Georgieva said the steps taken by the Modi government on the monetary policy and the fiscal policy side is commendable. It is actually slightly above the average for emerging markets, she added.
Noting the severe effects of lockdown on Indian economy, the World Bank said that India needed to continue with critical reforms to reverse the sudden effects of the pandemic.