IMF upgrades India's GDP growth rate to 6.7 percent for current financial year

Daily Current Affairs / IMF upgrades India's GDP growth rate to 6.7 percent for current financial year

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Category : Business and economics Published on: February 01 2024

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IMF has upgraded India's GDP growth rate to 6.7 percent for the current financial year, which is 40 basis points higher than its previous forecast of 6.3 percent.
In its latest World Economic Outlook report, IMF also raised India's upward medium-term GDP growth to 6.5 percent for the years 2025 and 2026, marking a 20 basis point upgrade from its October 2023 forecast.
The upgraded growth estimates are attributed to strong public investment and positive labor market outcomes in India.
IMF projects a narrowing of India's current account deficit projection for the financial year 2024 from 1.8 percent of GDP to 1.6 percent.
India continues to be recognized as the fastest-growing economy among the major economies of the world, maintaining its growth momentum from the previous financial year, where GDP expanded by 7.2 percent.