July 3, 2022

IMF cuts India’s GDP forecast to 9% for FY22 – Times of India

NEW DELHI: The International Monetary Fund (IMF) on Tuesday slashed India’s economic growth forecast for financial year 2021-22 to 9 per cent on concerns over impact of new Covid variant, news agency PTI reported.
In the previous issue of its World Economic Outlook that was published in October 2021, IMF had estimated India’s gross domestic product (GDP) to grow by 9.5 per cent for the current fiscal year.
For the next fiscal year 2022-23, IMF projects Indian economy to grow at 7.1 per cent.
According to the IMF, India’s prospects for 2023 are marked up on expected improvements to credit growth and, subsequently, investment and consumption, building on better-than-anticipated performance of the financial sector.
According to the first advanced estimates of GDP released few weeks back, the government projected India’s GDP to grow by 9.2 per cent for FY22.
Besides, the Reserve Bank of India (RBI) had projected 9.5 per cent GDP growth for the same period.
(With inputs from PTI)

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