IMF raised India’s growth forecast from 6.3% to 6.7% in FY24

Raised growth forecast: Ahead of the Interim Budget, the IMF has raised India’s growth forecast from 6.3 per cent to 6.7 per cent in the ongoing fiscal of FY24. The IMF also projected India’s growth at 6.5 per cent in FY25.

The  First Advance Estimate by the Mospi also pegged India’s growth at 7.3 per cent. India witnessed growth of 7.6 per cent in the July-September quarter. On the other hand, the finance ministry said in a report on January 29 that the Indian economy's growth rate may be close to 7 per cent in 2024-25.

CEA on the growth numbers

"The strength of the domestic demand has driven the economy to a 7 per cent plus growth rate in the last three years," the ministry said in a report authored by officials from the office of the Chief Economic Adviser V Anantha Nageswaran.

The apex bank has estimated India’s growth at 7 per cent in the ongoing fiscal of FY24.

The central bank is expected to announce a fresh forecast for next year on February 8 when its Monetary Policy Committee details its interest rate decision.