IMF lowers India's growth projection to 5.9% for current fiscal

Category : Business and economics Published on: April 14 2023

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The International Monetary Fund (IMF) has lowered India's economic growth projection for the current fiscal to 5.9 per cent from 6.1 per cent earlier.
In its annual World Economic Outlook, IMF also lowered the forecast for 2024-25 fiscal (April 2024 to March 2025) to 6.3 per cent from the 6.8 per cent it had predicted in January this year.
The growth rate of 5.9 per cent in the 2023-24 fiscal compares to an estimated 6.8 per cent in the previous year.
IMF growth forecast is lower than projections by the Reserve Bank of India (RBI). RBI sees a 7 per cent GDP growth in 2022-23 and a 6.4 per cent in the current fiscal that started on April 1.
China's growth rate is projected to be 5.2 per cent in 2023 and 4.5 per cent in 2024 against its growth rate of three per cent in 2022.