The International Monetary Fund (IMF), in its World Economic Outlook (WEO) report for October 2023, released on October 10th, has revised India’s economic growth projection for the current fiscal year. It now stands at 6.3 percent, an increase from the previous estimate of 6.1 percent. The IMF anticipates that retail inflation in India will climb to 5.5 percent in fiscal year 2023-24 before gradually declining to 4.6 percent in 2024-25.
“Growth in India is projected to remain strong, at 6.3 per cent in both 2023 and 2024, with an upward revision of 0.2 percentage points for 2023, reflecting stronger-than-expected consumption during April-June,” said the IMF. This is the second time that the IMF has made an upward revision to India’s growth forecast.