Brief by Shorts91 Newsdesk / 10:17am on 19 Dec 2023,Tuesday Business
The IMF projected India's economy will expand 6.3% in the current and next fiscal year, backed by digital infrastructure and government capital spending. While lauding India's growth prospects, the IMF sees potential for even higher expansion with more reforms and greater labor participation. However, it pegged next year's growth lower than RBI's 7% forecast. The IMF expects inflation, driven by volatile food prices, to moderately decline toward the 4% target though it will remain rocky. Despite November inflation of 5.55% being within the 2-6% tolerance band, the IMF says price rises continue overshooting the mid-point target. It stressed India has room to unleash higher growth by implementing comprehensive reforms and unlocking more human capital.
