IMF Increases India’s 2023 Growth Forecast to 6.3%

New Delhi: The International Monetary Fund (IMF) hiked India’s 2023 GDP growth to 6.3 per cent to reflect “stronger-than-expected consumption” in the April-June quarter.

The IMF had earlier lowered India’s growth projections from 6.1 per cent to 5.9 per cent for the current fiscal and from 6.8 per cent to 6.3 per cent for the 2024/25 fiscal, or FY25.

The Reserve Bank of India this week retained its 6.5 per cent growth forecast for this fiscal.

In April, the IMF termed India “one of the bright spots in the global economy. According to the IMF India’s growth was to be the highest among developing economies.

In an interesting turn, the IMF has downgraded projections for China, reducing its 2023 figures from 5.2 per cent to 5 per cent, and 2024 figures from 4.5 per cent to 4.2.