New Delhi: The International Monetary Fund (IMF) revised India’s GDP growth forecast for 2024-25. The IMF raised India’s growth forecast for 2024-25 to 7% from 6.8%. The IMF left unchanged its estimate for a 6.5% growth for India’s gross domestic product in the 2025-26 financial year. The IMF had raised its forecast for India’s GDP growth to 6.8% from 6.5% in April.
‘The forecast for growth in emerging markets and developing economies has been revised upward; this increase is powered by stronger activity in Asia, particularly China and India. The forecast for growth in India has also been revised upward to 7 per cent this year, reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas,’ the IMF noted.
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According to the provisional estimates of GDP growth released by the National Statistical Office (NSO), India’s GDP expanded at 8.2 per cent in 2023-24. That was higher than the 7 per cent in 2022-23, aided by a greater than expected expansion of 7.8 per cent in the fourth quarter. The Reserve Bank of India (RBI) has projected the Indian economy to grow at 7.2 per cent in FY25.
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