Economy

IMF Projects Indian economic growth forecast for FY22 at 9.5% & FY23 at 8.5%

IMF Projects Indian economic growth forecast for FY22 at 9.5% & FY23 at 8.5%

The International Monetary Fund (IMF) has downgraded India’s economic growth projection by 300 basis points to 9.5 percent for the current financial year. earlier, it was estimated to be 12.5 percent. IMF revised the GDP projection due to “lack of access to vaccines” and the possibility of renewed waves of coronavirus disease.

  • IMF has also predicted that the gross domestic product (GDP) of India will be 8.5%for FY23 (2022-23) which is more than its earlier projection of 6.9%.
  • The World Bank has estimated India’s GDP growth to grow at 8.3 percent in 2021 and 7.5 per cent in 2022.

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