IMF ups India’s FY 24 growth forecast to 6.3%

The International Monetary Fund  raised India’s growth projection for the current fiscal year to 6.3%, from 6.1% estimated earlier, on the back of a stronger than expected consumption during the June quarter.

The current growth projection, which is closer to RBI’s 6.5% estimate, will help India retain its status as the world’s fastest growing major economy at a time when the view on China is less optimistic. China is expected to expand by 5% this year, against an earlier estimate of 5.2%, with the global economy projected to grow 3% this year, and 2.9% next year, 0.1% lower than earlier projection.

“The global economy is limping along, not sprinting… growth is well below historical averages,” Pierre-Olivier Gourinchas, IMF’s chief economist, said after releasing the latest World Economic Outlook (WEO) here. The outlook does not factor in the implications of the conflict in Israel, which is being watched closely.