The International Monetary Fund (IMF) predicts India’s GDP growth of 7.4 percent for the fiscal year 2022-23.
Kerala, First Published Jul 27, 2022, 12:04 AM IST
Delhi: The International Monetary Fund (IMF) has predicted that India’s GDP growth for the financial year 2022-23 will be 7.4 percent. The position of the IMF is pointing to the policies of the central bank and the facts that have a negative impact on the economic activity.
Earlier, the IMF had said that India would achieve 8.2 percent growth in the current financial year. But the expected GDP rate has been reduced due to unfavorable economic climate at the global level. A reduction of 80 basis points has been made.
The IMF report has pointed out the factors that are adversely affecting economic activity at the global level. In its report to the April World Economic Outlook, the IMF said that the global GDP growth rate will be 3.2 percent.
India is now one of the fastest growing economies in the world. This achievement comes with a GDP growth of 8.7 percent in FY 2021-22. India has overtaken China to become the first. China’s GDP growth was only 8.1 percent in the last financial year. According to the IMF, China’s growth rate will be only 3.3 percent in the fiscal year 2022-23.
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India is the third largest economic power in Asia. The first three months of 2022 have been a big challenge for the country, which was slowly recovering from the setback of Covid. A spike in omicron cases in January forced central and state governments to re-impose some Covid restrictions. Economic activity in India has strengthened by April 2022.
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Last Updated Jul 27, 2022, 12:04 AM IST
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