FM Acknowledges India’s Growth Forecast By IMF; Expects to Clock 7% Growth in FY2023

Finance Minister - Nirmala Sitharaman, while attending the Plenary Meeting of the International Monetary and Financial Committee at the IMF Headquarters has stated that the country will clock growth at a rate of 7 per cent in 2022-2023.

The FM was discussing the managing director's global policy agenda at the IMF headquarters.

For 2023, both the IMF and World Bank have projected India to be the fastest-growing major economy.

Ms Sitharaman has attributed this to a conducive domestic policy environment and the government's focus on structural reforms that have helped to keep the domestic economic activity robust.

FM has further discussed the global sovereign debt roundtable. She has expressed India's pleasure in being part of the team which has provided solutions for Surinam and Sri Lanka.

She has urged the members of G20 nations to continue supporting multilateral efforts and emphasized the need for a positive exchange of dialogue to combat the challenges faced in global fragmentation.

On Tuesday, the International Monetary Fund (IMF) snipped India's GDP growth to 5.9 per cent for the current fiscal year April 2023 - March 2024. This is a downward revision of 0.2 per cent points since IMF's January forecast.

Meanwhile, IMF has maintained an optimistic outlook on India and explained that the downward revision was an adjustment for the historical numbers which were better than expected.