In a positive development, the International Monetary Fund (IMF) on Tuesday (26 January) projected that India's economic growth will surpass all the major global economies in the next fiscal year, reports Economic Times.
India is the only country expected to witness a double digit growth of 11.5 per cent next year. The trend will continue in the FY23, with Indian economy expected to witness 6.8 per cent rise, highest among all major economies, according to the IMF.
The IMF in its World Economic Outlook (WEO) update said that the policy support and vaccines are expected to lift economic activity across the world.
The latest forecast is an upward revision on IMF's earlier projections that estimated 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 also raised its India forecast for the current fiscal and said that the economy is expected to contract 8 per cent compared to the 10.3 per cent decline it had predicted in October.
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