Indian Economy Projected to Grow 6.1% In 2023, Global Growth To Fall: IMF

The International Monetary Fund (IMF) stated on Tuesday that it expects some slowdown in Indian economy next fiscal year and anticipates the growth to 6.1% from 6.8% during the current fiscal ending March 31.

According to a PTI report, The IMF on Tuesday released the January update of its World Economic Outlook, according to which the global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024."

"Our growth projections actually for India are unchanged from our October Outlook. We have 6.8 percent growth for this current fiscal year, which runs until March, and then we're expecting some slowdown to 6.1 percent in fiscal year 2023. And that is largely driven by external factors," Pierre-Olivier Gourinchas, Chief Economist and Director, Research Department of the IMF told reporters here.

"Growth in India is set to decline from 6.8 percent in 2022 to 6.1 percent in 2023 before picking up to 6.8 percent in 2024, with resilient domestic demand despite external headwinds," said the IMF's World Economic Outlook update.