IMF increased the growth rate estimate for the second time, PM Modi said – India is a powerhouse of global development and innovation.

Citing strong economic growth forecast in India by the International Monetary Fund (IMF) amid concerns over instability in the global economy, Prime Minister Narendra Modi said the country is a global bright spot and a powerhouse of growth and innovation. The IMF raised India’s GDP forecast marginally by 0.2 per cent to 6.3 per cent, while the financial agency cut its global growth forecast to three per cent. PM Modi wrote on the And will promote.”

“Growth in India is projected to be a strong 6.3 per cent in both 2023 and 2024, with a 0.2 percentage point rise for 2023, which was stronger than expected during April-June,” the IMF’s ‘World Economic Outlook’ said. However, the IMF’s estimate for India is lower than the RBI’s latest estimate of 6.5 per cent for the current fiscal year. The IMF’s ‘World Economic Outlook’ cut China’s growth forecast by 0.2 percentage points for 2023 and 0.3 percentage points for 2024 to 5 percent and 4.2 percent, respectively. It said monetary policy projections are consistent with achieving the Reserve Bank of India’s inflation target over the medium term.

The International Monetary Fund (IMF) warned on Tuesday that the world economy is losing momentum due to high interest rates, the ongoing war in Ukraine and rising geopolitical tensions. The IMF has predicted that global economic growth will slow to 2.9 percent in 2024, which is expected to be three percent this year. The forecast for next year is down from three percent projected in July. This slowdown has come at a time when the world has not fully recovered from the outbreak of the devastating Covid-19 pandemic.