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IMF raised India's growth forecast for the current financial year to 6.1%

Utkarsh Classes 01-08-2023
IMF raised India's growth forecast for the current financial year to 6.1% Report 3 min read

The International Monetary Fund (IMF) in its recently released ‘ World Economic Outlook’ report  has raised India's growth forecast, projecting a 6.1 per cent growth in gross domestic product (GDP) in 2023-24. 

Earlier in the World Economic Outlook released in April, the IMF had projected India's GDP to grow at 5.9 per cent in 2023-24.

Key points of the report:

  • The 0.2 percentage points increase reflects a stronger-than-expected growth momentum in the fourth quarter of 2022 as a result of stronger domestic investment, according to the IMF's World Economic Outlook report.

  • The IMF has kept the GDP growth forecast for the fiscal year 2024-2025 unchanged at 6.3 per cent.

  • According to the World Economic Outlook report, India will continue to be the fastest growing economy, while neighboring China is projected to grow at 5.2% in 2023 and 4.5% in 2024.

  • In the World Economic Outlook report, the IMF raised its forecast for global growth output in 2023 to 3% from its previous forecast of 2.8%.

  • Advanced economies will continue to decelerate in growth from 2022 to 2023, due to weaker manufacturing as well as specific factors, offset by stronger services activity.

International Monetary Fund (IMF):

  • Established: July 1944

  • Headquarters: Washington DC, United States

  • Member countries: 190

  • India took its membership only on 27 December 1945.

  • Managing Director: Kristalina Georgieva (European Union)

  • First Managing Director: Camille Gut (Belgium)

Some important reports released by IMF:

  • Global Financial Stability Report

  • World Economic Outlook

Expected growth rate of Indian GDP forecasted by various agencies (as on 1 August 2023)

Agency / Institute

GDP forecast for 2023-24

Reserve Bank of India

6.3%

World Bank

6.8%

International Monetary Fund

6.1%

Asian Development Bank

8%

Moody's 

6.1% 

Morgan Stanley 

6.7%

Standard & Poor's GDP forecast

6.5%

United Nations (GDP forecast)

6%

OECD

5.5%

Fitch Rating

7% 

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