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'Powerhouse of growth and innovation': PM Modi hails economy after IMF growth projection for India

International Monetary Fund raised India's GDP projection marginally by 0.2 per cent to 6.3 per cent even as it slashed the global growth forecast to 3 per cent. IMF in July had estimated India's GDP forecast at 6.1 per cent for 2023-24. India's growth is projected to be higher than China.

Edited By: Raju Kumar @rajudelhi123 New Delhi Updated on: October 11, 2023 10:39 IST
Prime Minister Narendra Modi
Image Source : PTI/FILE Prime Minister Narendra Modi

Prime Minister Narendra Modi on Tuesday asserted the country is a global bright spot and powerhouse of growth and innovation citing the International Monetary Fund (IMF) forecasting robust economic growth in India amid concerns over global economy volatility.

The IMF raised India's GDP projection marginally by 0.2 per cent to 6.3 per cent, while the financial agency slashed the global growth forecast to three per cent.

PM Modi on X wrote, "Powered by the strength and skills of our people, India is a global bright spot, a powerhouse of growth and innovation. We will continue to strengthen our journey towards a prosperous India, further boosting our reforms trajectory." 

What IMF said

The IMF's 'World Economic Outlook' said, "Growth in India is projected to remain strong, at 6.3 per cent in both 2023 and 2024, with an upward revision of 0.2 percentage point for 2023, reflecting stronger-than-expected consumption during April-June." 

However, the IMF's projection for India is lower than the RBI's latest estimate of 6.5 per cent for the current financial year.

IMF's 'World Economic Outlook' revised China's growth forecast downward by 0.2 percentage points for 2023 and by 0.3 percentage points for 2024 to 5 per cent and 4.2 per cent, respectively.

Monetary policy projections are consistent with achieving the Reserve Bank of India's inflation target over the medium term, it noted.
(With PTI inputs)

Also read: IMF raises India’s growth forecast to 6.3% for 2023-24, cites strong consumption

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