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

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.
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