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IMF UPGRADES INDIA GROWTH ESTIMATE TO 6.7%
Hindustan Times
|January 31, 2024
IMF upgrades India growth forecast to 6.7% for FY24, 6.5% for next two fiscal
Domestic demand to lift growth: IMF
NEW DELHI: The International Monetary Fund (IMF) has made an upward revision to its growth forecast for India for the fiscal year 2023-24, taking it to 6.7%. While this is an upward revision of 40 basis points (bps) one basis point is one-hundredth of a percentage point-it is still lower than India's own estimates for GDP growth in 2023-24 which is 7.3%.
IMF has also made an upward revision to India's growth forecasts for the next two fiscal years which is now expected to be 6.5%. "Growth in India is projected to remain strong at 6.5% in both 2024 and 2025, with an upgrade from October of 0.2 percentage point for both years, reflecting resilience in domestic demand", the January update to IMF's October 2023 World Economic Outlook report said.
This story is from the January 31, 2024 edition of Hindustan Times.
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