IMF raises India’s growth forecast to 6.3%
Reacting to India’s growth forecast raised by the International Monetary Fund (IMF) for the current fiscal to 6.3 percent, Prime Minister Narendra Modi has said that the country is a powerhouse of growth and a global bright spot.
Commenting on the growth forecast of the IMF, PM Modi posted on X, saying, “Powered by the strength and skills of our people, India is a global bright spot, a powerhouse of growth and innovation. We will continue to strengthen our journey towards a prosperous India, further boosting our reforms trajectory.”
Powered by the strength and skills of our people, India is a global bright spot, a powerhouse of growth and innovation. We will continue to strengthen our journey towards a prosperous India, further boosting our reforms trajectory. https://t.co/CvHw4epjoZ
— Narendra Modi (@narendramodi) October 10, 2023
The IMF in its World Economic Outlook released on Tuesday had raised its 2023-24 GDP growth forecast for India to 6.3% on the back of strong consumption demand, while they projected a cut in China’s growth rate to 5 percent.
“Growth in India is projected to remain strong, at 6.3 percent in both 2023 and 2024, with an upward revision of 0.2 percentage point for 2023, reflecting stronger than expected consumption during April-June,” the IMF said in its annual publication, World Economic Outlook (WEO), released on Tuesday.
The Fund had raised its growth forecast for India for this year by 20 basis points to 6.1 percent in July and has increased it for the second time to bring it in line with the World Bank’s estimate.
The agency has further added that India will remain the world’s fastest-growing major economy this year and also in the next fiscal.
Last week, the World Bank had also projected that the Indian economy will grow at 6.3 percent this year.
[With Inputs from IANS]
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