NEW DELHI: India’s economy is estimated to grow by 9% in the current fiscal year, a tad slower than the International Monetary Fund’s (IMF) earlier forecast of 9.5% due to the impact of the third Covid wave.
The IMF, which released its World Economic Outlook, raised India’s GDP growth estimate to 9% for 2022-23 from its earlier estimate of 8.5% in October and for 2023-24 it forecast the economy to grow by 7.1%. On a calendar year basis, the IMF said India’s growth is projected at 8.7% in 2022 and 6.6% in 2023. China is estimated to grow by 8.1% in 2021 and 4.8% in 2022.
The IMF, which released its World Economic Outlook, raised India’s GDP growth estimate to 9% for 2022-23 from its earlier estimate of 8.5% in October and for 2023-24 it forecast the economy to grow by 7.1%. On a calendar year basis, the IMF said India’s growth is projected at 8.7% in 2022 and 6.6% in 2023. China is estimated to grow by 8.1% in 2021 and 4.8% in 2022.
India will retain its tag as the fastest growing major global economy. IMF’s forecast for 2021-22 is slightly lower than the 9.2% growth projected by the National Statistical Office (NSO). The Reserve Bank of India (RBI) has estimated the economy to grow by 9.5% in 2021-22.
The economy has been on a recovery path after the impact of the world’s strictest lockdown, which led to a 7.3% contraction. The spread of the Omicron variant has prompted states to impose curbs, which has hurt several sectors of the economy, particularly the contact-intensive services sectors. But most experts acknowledge that the impact of the third wave on the economy would be muted.
