IMF slashes India’s growth rate to 6.8%

BusinessIMF slashes India’s growth rate to 6.8%


Last week, the World Bank, too, predicted 6.5% growth rate for the financial year 2022-23.

New Delhi: At a time when the Central Government is trying to set a narrative, saying that the economy of India is growing faster than that of its neighbours, the International Monetary Fund (IMF) on Tuesday cut India’s growth to 6.8% for this year.

In July, the IMF projected India’s growth rate at 7.4%. In its annual World Economic Outlook report, the IMF said that growth had been slashed reflecting a weaker-than-expected outturn in the second quarter and more subdued external demand.

According to the report, the country’s growth rate will go down to 6.1% next year. Last week, the World Bank, too, predicted 6.5% growth rate for the financial year 22-23, a drop of 1% last week. It was less than what it predicted in June. It said that the international environment was behind the cut in India’s growth rate. It, however, said that India was doing better than other South Asian countries. The growth forecast by the IMF and the World Bank is lower than the one predicted by the Reserve Bank of India (RBI). It predicted 7.2% GDP for the financial year 2023.

The IMF has also cautioned the major economies in the world saying that the global growth may decline further next year.

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