As India celebrated its 72nd Republic Day, the International Monetary Fund (IMF) has projected that India’s economic growth will surpass all the major global economies in the next fiscal year, reports Economic Times.
According to the IMF, India is the only country expected to witness a double-digit growth of 11.5 per cent next year. It is projected that India will carry forward the trend in the financial year of 2023 and the Indian economy is expected to witness a 6.8 per cent rise, which will be the highest among all major economies, according to the IMF.
The latest forecast by the IMF is an upward revision on the IMF’s earlier projections that estimated the Indian economy to grow at the rate of 8.8 per cent in FY22.
“Notable revisions to the forecast include the one for India (2.7 percentage points for 2021 [FY22]), reflecting carryover from a stronger-than-expected recovery in 2020 after lockdowns were eased,” the IMF said.
The IMF in its World Economic Outlook (WEO) report has also said that the policy support and vaccines are expected to lift economic activity across the world.
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