IMF projects India's growth rate at 9%, highest among major economies

India and Japan are the only major economies to have their growth projections raised from that made in October last.

New Delhi: India`s economy is projected to grow by 9 per cent in the next financial year (FY23), retaining its position as the fastest-growing major economy, the International Monetary Fund (IMF) reported on Tuesday citing its expectations of higher investments and consumption due to credit growth and better financial sector performance.

IMF`s World Economic Outlook (WEO) Update released in Washington said that India`s gross domestic product (GDP) is projected to again increase next fiscal by another 9 per cent, before moderating to 7.1 per cent in 2023-24.

The Update raised the growth projection for the current fiscal by 0.5 per cent from the 8.5 per cent projected in its WEO released in October last year.