The International Monetary Fund (IMF) has raised India’s economic growth forecast by 20 basis points for the current financial year. In the report titled ‘World Economic Outlook’ published by the organization on Tuesday, it is said that the GDP growth in India may reach 7 percent in the financial year 2024–25.
Last April, the IMF forecast India’s growth rate to be 6.8 percent in the current fiscal year. The IMF’s ‘World Economic Outlook’ report says that the potential growth rate of GDP has been revised upwards due to the increase in purchasing power, especially in rural India in the post-pandemic phase.
Incidentally, in January last year, the IMF forecast India’s financial growth to be 6.5 percent over the medium term. After this, in an event organized in New Delhi, the former Chief Financial Advisor of the Narendra Modi government and the Executive Director of the IMF, Krishnamurthy Subrahmanyan, said that India’s GDP growth rate can reach 8 percent by 2047.However, the IMF said that there will be no significant progress in the global economy. As last time, it will be around 3.2 percent, according to the report.
