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IMF raises India's GDP forecast to 6.8% for 2024-25

IMF raises India's GDP forecast to 6.8% for 2024-25

The Reserve Bank of India, the country's central bank, estimates the economy to grow at 7% in the current financial year that started on April 1.

IMF Representative Clarifies Subramanian's Projections for India's Growth as Personal Views, Not IMF's Official Stance IMF Representative Clarifies Subramanian's Projections for India's Growth as Personal Views, Not IMF's Official Stance

The International Monetary Fund (IMF) has raised India's growth forecast for 2024-25 to 6.8% from 6.5% on the back of strong domestic demand and a rising working-age population.

The Reserve Bank of India, the country's central bank, estimates the economy to grow at 7% in the current financial year that started on April 1.

The IMF estimates Asia's third largest economy's gross domestic product to grow at 6.5% in the next financial year, it said in the World Economic Outlook released on Tuesday.

The agency also revised upwards the growth figure for 2023-24 to 7.8% from 6.7% it had forecast in January. India's own official estimates had pegged growth at 7.6%.

"Global economy remains remarkably resilient, with growth holding steady as inflation returns to target," the IMF said while predicting the global real GDP growth at 3.2% for 2024 and 2025, the same rate as in 2023.

Published on: Apr 16, 2024, 8:32 PM IST
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