In its October 2023 World Economic Outlook (WEO) report, the International Monetary Fund (IMF) raised India’s economic growth forecast for the fiscal year 2023-24. The growth projection was increased from 6.1% to 6.3% due to stronger-than-expected consumption during April-June. The report also highlighted India’s resilient domestic economic activity and the positive impact of robust domestic demand, contrasting global economic trends.
GDP Growth Projection: The IMF revised India’s GDP growth forecast to 6.3% for both 2023 and 2024, indicating a 0.2 percentage points upward revision for 2023. This adjustment was attributed to the nation’s strong consumption patterns during the specified period.
Current Account Deficit: The IMF anticipated India’s current account deficit to remain at 1.8% of GDP in FY24 and FY25, indicating a stable external economic position for the nation.
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