The IMF on Tuesday projected a growth rate of 6.1 per cent for India in 2023, which is a 0.2 percentage point upward revision compared with the April projection. This is reflective of the "momentum" from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment, the International Monetary Fund (IMF) said.
Earlier in April, in its flagship World Economic Outlook report, IMF had brought down India's growth forecast to 5.9 per cent from 6.2 per cent.
"Growth in India is projected at 6.1 per cent in 2023, a 0.2 percentage point upward revision compared with the April projection," it said in its latest update of the World Economic Outlook.
IMF on Tuesday also raised its 2023 global growth estimates slightly given resilient economic activity in the first quarter, but warned that persistent challenges were dampening the medium-term outlook.
The IMF in its latest World Economic Outlook released on Tuesday said inflation was coming down and acute stress in the banking sector had receded, but the balance of risks facing the global economy remained tilted to the downside and credit was tight.
The global lender said it now projected global real GDP growth of 3.0 per cent in 2023, up 0.2 percentage point from its April forecast, but left its outlook for 2024 unchanged, also at 3.0 per cent.
Source Name : Economic Times