IMF reduces GDP forecast of India for FY23 to 7.4%

The International Monetary Fund (IMF) has reduced its gross domestic product (GDP) growth forecast for India for the current financial year (FY23) to 7.4%. The IMF has also reduced the growth forecast for FY24 to 6.1% as against 6.9% earlier.

Reason: Due to less favourable external conditions and more rapid policy tightening.

IMF Headquarters: Washington D.C.; Managing Director: Kristalina Georgieva; Chief Economist: Pierre-Olivier Gourinchas