IMF projects growth rate of 6.1% for India

February 1, 2023, 1:04 pm

NEW DELHI – The International Monetary Fund (IMF) on Tuesday projected a growth rate of 6.1 percent for the Indian economy during the next financial year from April 2023 to March 2024, and 6.8 percent in the subsequent financial year.

It indicated that a resilient domestic demand in India will help in maintaining such growth rates in the country during the next two financial years.

Expecting some slowdowns in the Indian economy, the IMF said the growth rate of 6.8 percent during the current financial year ending March 31 will decline to 6.1 percent in the next financial year beginning April 1.

The IMF made the latest projections of the Indian economy in its January update of the World Economic Outlook, saying the global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, and then rise to 3.1 percent in 2024.

On Monday, the IMF revised up its outlook for the global economy in 2023 but still expecting a slowdown this year before a rebound in 2024.

It said the world gross domestic product (GDP) growth rates will remain weak due to the ongoing Russia-Ukraine war and high inflation figures.

The world economy is expected to grow 2.9 percent in 2023, upgraded from 2.7 percent in the IMF’s October report, but down from 3.4 percent expansion for 2022.

The IMF expected a rebound to 3.1 percent in 2024.

Advanced economies will see bigger decreases in growth rates, from 2.7 percent in 2022 to 1.2 percent in 2023 and 1.4 percent in 2024. (Xinhua)