The IMF’s latest World Economic Outlook (WEO) kept its global growth forecast unchanged at 3 per cent for 2023 while paring down the 2024 projection by 10 basis points to 2.9 per cent.
“Growth in India is projected to remain strong, at 6.3 per cent in both 2023 (FY24) and 2024 (FY25), with an upward revision of 0.2 percentage points for 2023 (FY24), reflecting stronger-than expected consumption during April-June,” said an IMF statement.
Last month, in its July WEO, the IMF had projected a growth rate of 6.1 per cent for India in FY24, a 0.2 percentage point upward revision compared with the April projection driven by strong domestic investment.
On 31 August, the statistics ministry had released data saying the Indian economy expanded by 7.8 per cent in April-June. This was marginally higher than economists' expectations of 7.7 per cent but lower than the RBI’s view of 8 per cent minton (40 years).
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