December 12, 2024 20:39 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
UP teenager kills mother, lives with body for 5 days | At least six people including a child killed in Tamil Nadu hospital fire | Amid Atul Subhash row, SC says mere harassment is not enough to prove abetment to suicide | India's D Gukesh becomes youngest ever world champion in chess | Devendra Fadnavis meets PM Modi amid suspense over Maharashtra portfolio allocation | Congress wants to deviate the issue of Sonia Gandhi-George Soros link: JP Nadda | Bengaluru techie suicide: Atul Subhash's family demanded Rs. 10 lakh as dowry leading to my father's death, claims estranged wife | Syria rebels torch tomb of ousted president Bashar al-Assad's father | Donald Trump vows to eliminate birthright citizenship after taking charge | No alliance with Congress in Delhi polls: AAP chief Arvind Kejriwal
Photo Courtesy: Pixabay

IMF raises India's FY25 GDP growth forecast to 7%

| @indiablooms | Jul 17, 2024, at 05:01 am

New Delhi: Amid rising private consumption, particularly in rural areas, the International Monetary Fund (IMF) on Tuesday in its economic outlook projected India's growth at 7 percent for 2024-25, up from 6.8 percent.

Prior to this, the IMF had raised its forecast for India's GDP growth to 6.8 percent from 6.5 percent in April.

"The forecast for growth in India has also been revised upward, to 7.0 percent, this year, with the change reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas," said the organisation in its official statement.

India's gross domestic product (GDP) grew by 7.8 percent on an annual basis in the last quarter (Q4) of FY24. Additionally, the Centre revised its estimates for the overall growth rate of FY24 to 8.2 percent.

Overall, the IMF maintained its forecast for the global economy to grow by 3.2 percent this year, unchanged from its previous prediction in April and slightly down from the 3.3 percent growth in 2023.

From 2000 to 2019, before the pandemic disrupted economic activity, global growth had averaged 3.8 percent annually.

The IMF, a 190-nation lending organization, aims to promote economic growth, financial stability, and reduce global poverty. In a blog post accompanying the latest update to its World Economic Outlook, the IMF's chief economist, Pierre-Olivier Gourinchas, stated that China and India would account for nearly half of global growth this year.

In Asia, China and India are expected to be the main drivers of growth, with China's forecast revised upward to 5.0 percent in 2024 due to a rebound in private consumption and strong exports.

However, the IMF warned that China faces risks from weak confidence and unresolved property sector issues, which could increase reliance on the external sector.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.