Team Blitz India
NEW DELHI: The International Monetary Fund on October 10 revised India’s 2023 growth forecast upwards to 6.3 per cent – in line with its unchanged outlook for 2024 – to reflect ‘stronger-than-expected consumption’ in the April-June quarter.
The IMF, which in April called India ‘one of the bright spots in the global economy,’ also said it expects its growth to be the highest among developing economies as global economic growth slows for various reasons, including Russia’s 20-month war on Ukraine and the Israle Hamas conflict.
The IMF had earlier lowered India’s growth projections from 6.1 per cent to 5.9 per cent for the current fiscal and from 6.8 per cent to 6.3 per cent for the 2024/25 fiscal, or FY25.
Meanwhile, the global financial body also downgraded projections for China – 2023 figures were revised down from 5.2 per cent to 5 per cent, and 2024 figures from 4.5 per cent to 4.2, citing concerns over the country’s real estate sector.
