International Monetary Fund Cuts India's Economy Growth Forecast To 9% For Current Fiscal
NDTV
The Washington-based international financial institution has put the forecast for the next fiscal FY23 (April 2022 to March 2023) at 7.1%.
The International Monetary Fund (IMF) has cut India's economic growth forecast to nine per cent for the current fiscal year ending March 31, joining a host of agencies that have downgraded their projections on concerns over the impact of a spread of a new variant of coronavirus on business activity and mobility.
In its latest update of World Economic Outlook on Tuesday, the Washington-based international financial institution, which had in October last year projected a 9.5 per cent GDP growth for India, put the forecast for the next fiscal FY23 (April 2022 to March 2023) at 7.1 per cent.
The Indian economy had contracted by 7.3 per cent in the 2020-21 fiscal year.
The IMF's forecast for the current financial year is less than 9.2 per cent that the government's Central Statistics Office has predicted and 9.5 per cent that the Reserve Bank of India has estimated. Its forecast is lower than the 9.5 per cent projection by S&P and 9.3 per cent by Moody's but more than the 8.3 per cent projection by the World Bank and 8.4 per cent by Fitch.
