The International Monetary Fund (IMF) has updated its forecast for India’s GDP growth for 2023-24. IMF has raised its prediction from 5.9% to 6.1%. This adjustment, announced on July 25th, reflects India’s growth numbers from January to March.
The IMFs recent update marks a shift in their forecast made in April, where they had lowered their projections for 2023 24. However, the IMF remains optimistic about 2024-25, with projected GDP growth of 6.3%.
In another development, Fitch Ratings revised its growth forecast for the Indian economy in FY24 to 6.3%. This upgrade is based on the growth witnessed in the quarter from April to June and the expected continued positive momentum.
The Reserve Bank of India (RBI) has also recently announced its projection for India’s growth in the year 2024. RBI estimates the country’s economy is expected to grow by 6.5% during that period. According to the RBI’s analysis, the growth rate for the June quarter is projected to be 8%. This will be followed by 6.5%, 6%, and 5.7% growth rates in the subsequent quarters.
These optimistic forecasts collectively reflect the strength and resilience of the Indian economy, which continues to navigate through challenging times and maintain a robust growth trajectory.
