IMF raises India’s GDP forecast marginally to 6.3% for current fiscal

India’s economic growth forecast for the current fiscal year has been raised to 6.3% from 6.1% earlier, the International Monetary Fund said in its October 2023 World Economic Outlook (WEO) report that was released.

The global lender expects retail inflation in the South Asian nation to rise to 5.5% in 2023/24 before easing to 4.6% in 2024/25.

“Growth in India is projected to remain strong, at 6.3% in both 2023 and 2024, with an upward revision of 0.2 percentage points for 2023, reflecting stronger-than expected consumption during April-June,” the IMF said.

The Reserve Bank of India has projected consumer price index (CPI)-based inflation for the current fiscal year at 5.4% while GDP growth is seen at 6.5%.