India's economic growth is resilient this fiscal, says IMF

India’s economic growth in the current financial year is resilient and, together with the recovery in China, will power a 4.6% growth in Asia, up from 3.8% in the year before, the International Monetary Fund said in its regional economic outlook.

- Gireesh Chandra Prasad

 

Asia-Pacific will be the most dynamic of the world’s major regions in 2023, predominantly driven by the buoyant outlook on China and India, the IMF said. The two largest emerging market economies of the region are expected to make up around half of global growth this year, with the rest of the region contributing another 20%.

The agency last month forecast 5.9% growth for India in this fiscal.

The IMF said Asia’s domestic demand has so far remained strong despite monetary tightening, while external appetite for technology products and other exports is weakening.