IMF Lowers India’s Estimate GDP Growth Estimate Below 7 Percent
New Delhi, 11th October 2022: The International Monetary Fund (IMF) has put the India’s GDP growth estimate below 7 per cent. The IMF has lowered India’s economic growth forecast to 6.8%, as against 7.4% in July. There has been a reduction of 0.6 percent.
According to the IMF, inflation, financial crisis, apart from the deteriorating situation due to Russia-Ukraine war, have increased the trouble for the global economy. Moreover, the challenges of the COVID-19 pandemic are still not over.
According to the IMF, the debt crisis is a matter of concern. Simultaneously, the IMF cautioned that the monetary policy of the Central Reserve Bank may miscalculate the correct stance to reduce inflation.
Last week, the World Bank reduced India’s growth forecast for 2022-23 to 6.5%, while the Asian Development Bank and the Reserve Bank reduced the estimate to 7%.
However, despite the fall in the growth forecast, India will remain one of the fastest growing major economies of the world in 2022 and 2023.
