The International Monetary Fund (IMF) has adjusted India’s growth forecast for the current fiscal year to 6.3%, a development that drew a positive response from Prime Minister Narendra Modi. He expressed that India is a dynamic force of growth and a global beacon of progress.
Prime Minister Modi took to social media to comment on the IMF’s improved growth projection, underscoring India’s strength and the skills of its people. He conveyed that India, driven by the capabilities and resilience of its population, serves as a global bright spot, a powerhouse of growth and innovation. The nation’s dedication is clear in strengthening the journey towards prosperity and amplifying reform initiatives.
In its recent World Economic Outlook, the IMF increased India’s GDP growth forecast for 2023-24 to 6.3%. This upward revision is attributed to robust consumption demand. Simultaneously, the IMF lowered China’s growth rate to 5%.
The IMF’s report stated, “Growth in India is projected to remain strong, at 6.3 percent in both 2023 and 2024, with an upward revision of 0.2 percentage points for 2023, reflecting stronger than expected consumption during April-June.”
This marks the second increase in the IMF’s growth forecast for India this year, aligning with the World Bank’s estimate. It also reaffirms that India will maintain its status as the world’s fastest-growing major economy this year and in the following fiscal year.
Notably, the World Bank also projected India’s economy to grow at 6.3% in the current year, indicating a positive outlook for the nation’s economic prospects.
