JUST TWO DAYS before the interim Budget, India had some good news from the International Monetary Fund (IMF). In its latest World Economic Outlook' report, the IMF has raised India's GDP growth projection for FY24 by 40 basis points (bps) to 6.7%, and for FY25 by 20 bps to 6.5%. The revision cited "resilient domestic demand" for its latest estimate.
At 6.7%, India would remain the fastest growing major economy in the world. However, the forecast for FY24 is still 60 bps lower than the National Statistical Office's (NSO) projection. Earlier this month, the NSO projected India's economy to grow at 7.3% in the current fiscal, based on data extrapolated for the first seven to eight months. The IMF's estimate is also 30 bps lower than the Reserve Bank of India's estimate of 7.0% for FY24.
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