International Monetary Fund i.e. IMF has reduced India’s GDP growth forecast for FY24 by 20 bps i.e. 0.20%.
IMF has projected India’s GDP to grow at 5.9% for FY24. Earlier, the IMF had expected the GDP to grow at a rate of 6.1%.
This IMF forecast is much lower than the Reserve Bank of India’s (RBI) estimate of 6.5% for FY24.
At the same time, IMF expects India’s retail inflation to be 4.9% in FY24 and 4.4% in FY25.
The IMF has reduced its forecast for global economic growth for 2023 from 2.9 per cent to 2.8 per cent.