IMF forecasts 6.3% growth for India in FY 2023-24

The International Monetary Fund (IMF) has projected a growth rate of 6.3 percent for the Indian economy in the current financial year 2023–24 and the subsequent year.

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This positive outlook was conveyed in the IMF’s Article IV consultation report, which assesses a country’s current and medium-term economic prospects, emphasizing the anticipation of robust growth supported by macroeconomic and financial stability.

Meanwhile, the Reserve Bank of India (RBI), during its recent monetary policy meeting, opted to maintain the status quo in key policy rates. Despite this decision, the RBI increased India’s GDP growth forecast for the financial year 2023–24 by 50 basis points, reaching an optimistic 7 percent. This upward revision followed India’s report of a higher-than-expected growth rate of 7.6 percent in the July-September quarter. In its October meeting, the RBI had initially forecasted a growth rate of 6.5 percent for 2023–24.