Blitz Bureau
NEW DELHI: The International Monetary Fund (IMF) on July 17 raised India’s GDP growth forecast for 2024-25 to 7 per cent from 6.8 per cent projected earlier on the back of improving private consumption, particularly in rural India.
“The forecast for growth in India has also been revised upward, to 7 per cent, this year, with the change reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas,” the IMF said in its World Economic Outlook report.
The IMF has left unchanged its estimate for India’s economic growth for 2025-26 at 6.5 per cent. “Growth in India and China will account for almost half of global growth in 2024. Growth in major advanced economies is more aligned: Euro area growth picks up as the US shows signs of cooling after a strong year,” said Gita Gopinath, IMF’s First Deputy Managing Director.
The IMF World Economic Outlook put China’s growth rate at 5 per cent for 2024 and 4.5 per cent for 2025. In the case of advanced countries, the GDP growth rate of the US has been forecast at 2.6 per cent for 2024 and 1.9 per cent for 2025.
