The International Monetary Fund (IMF) noted that the recent upsurge in COVID-19 cases implies that downside risks for the economy are materializing. The fund is following these developments very closely, and will be revisiting that growth forecast in its World Economic Outlook update, which will be forthcoming in July. For India, it will be critical to continue with a coordinated policy response to fight the virus, including through accelerating the vaccination campaign and providing fiscal resources to the health sector and social support to the most vulnerable, and those are the immediate policy priorities, IMF noted.
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