look news india
The International Monetary Fund (IMF) on Tuesday raised India's GDP growth forecast by 30 basis points to 6.8 per cent for fiscal year 2024-25, citing a rebound in domestic demand in its World Economic Outlook (WEO). However, IMF's estimate is less than the government's estimate of 7 percent growth.
India's growth rate is estimated to be a strong 6.8 percent for 2024-25 and 6.5 percent for 2025-26. The IMF said in its report that this rate is a reflection of the continued strength in domestic demand and India's growing working-age population.
For the financial year 2023-24, the IMF had said in its report in January that the economic growth rate in India will be 6.7 percent. However, later this rate was revised by the IMF and the GDP growth rate was estimated to be 7.8 percent.
Notably, the IMF has projected India's GDP growth rate to slow to 6.5 percent for fiscal year 2025-26. Which is according to the January update. At present, due to the Iran-Israel tension, there is a possibility of increase in cost of crude oil which will affect India's economic front, but on the other hand, the Indian government has said that the Indian economy will continue to function in future also. A positive outlook to achieve the economic growth projections for the financial year 2024-25.