IMF Follows RBI, World Bank In Cutting India's Growth Forecasts For FY23
By Mohammed Kudrati The International Monetary Fund on Tuesday slashed India's growth forecasts for the ongoing fiscal year (FY) to 6.8% from a previous estimate of 7.4%. On a calendar year basis, India will grow 6.9% from a previous estimate of 7.5% in 2022. "The outlook for India is for growth of 6.8 percent in 2022––a 0.6 percentage point downgrade since the July forecast, reflecting a weaker-than-expected outturn in the second quarter and more subdued external demand––and 6.1 percent in 2023, with no change since July", the report said. The multilateral financial institution released its l...