The International Monetary Fund (IMF) has cut India's economic growth forecast for the ongoing financial year, FY22 to 9%. The US-based financial institution had forecasted India's real GDP growth at 9.5% in October 2021 and has downgraded it on the possible impact of the Omicron variant of Covid-19 on mobility restrictions and business activities. However, the Fund has upgraded India's growth figures for FY23 and FY24 by 0.5 percentage points each, to 9% and 7.1%, respectively, compared to its October forecast. IMF highlighted expected improvements to credit growth and, subsequently, investment and consumption, building on the better-than-anticipated performance of the financial sector.
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