IMF increased India’s growth rate for the current financial year, GDP may be 6.1 percent

India GDP Growth: The International Monetary Fund has increased India’s GDP forecast for the financial year 2023-24 by 20 basis points. IMF said that India’s GDP is estimated to be 6.1 percent in the current financial year. Earlier, the IMF had projected a growth rate of 5.9 percent.

The International Monetary Fund has said in its updated World Economic Outlook report that this growth forecast for India is indicating that the economic growth rate is going to be better than expected due to domestic investment. IMF has projected 6.1 percent GDP in 2023-23, which is less than the estimates of the Government of India and RBI. RBI has estimated 6.5 percent GDP growth in the current financial year.

The fourth quarter of 2022-23 was excellent for India from the perspective of growth. GDP growth rate of 6.1 percent was seen in the fourth quarter, due to which India’s GDP in 2022-23 has been 7.2 percent. This pace of economic development is expected to be excellent in the first quarter of 2023-24 as well. RBI estimates that India’s GDP can show a growth rate of 8 percent in the first quarter.

IMF has not made any change in India’s economic growth forecast for 2024-25. The agency has retained the estimate of 6.3 percent growth rate for the next financial year. The International Monetary Fund believes that the global economic growth rate is estimated to be 3 percent in 2023. For 2024 also, the figure of 3 percent growth rate has been retained.

America’s GDP has been estimated to be 1.8 percent in 2023 and 1 percent in 2024. While the GDP of the Euro Area is estimated to be 0.9 percent in 2023 and 1.5 percent in 2024. China’s GDP growth rate is expected to grow at 5.2 percent in 2023 and 4.5 percent in 2024.

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