IMF Cuts India's FY24 GDP Growth to 5.9% By 20 Bps

The International Monetary Fund (IMF) cuts its estimate of India's GDP growth for the fiscal year 2023-2024 by 20 basis points to 5.9%.

The most recent growth prediction made by the global organisation is considerably lower than the Reserve Bank of India's (RBI) expectation of 6.5 per cent and largely in line with what experts in the private sector anticipate.

On February 8, Reserve Bank of India (RBI) governer, Shaktikanta Das released the Monetary Policy statement. According to the statement, GDP growth in the fiscal year 2023-2024 is anticipated to be 6.5 per cent by the MPC.

In its first monetary policy review of FY24 on April 6, the RBI raised its growth projection for the current year by 10 basis points.

India's GDP prediction for the upcoming year was also decreased by 50 basis points to 6.3 per cent by the IMF in its World Economic Outlook report, which was published on April 11.

The IMF made a number of modifications, including this one, and now expects the global economy to grow by 2.8 per cent in 2023 and 3 per cent in 2024, down 10 basis points from January's projections.