IMF Projects India’s Growth to 7% for 2024

• 17 Jul 2024

The International Monetary Fund (IMF), in its latest outlook, has raised India’s growth projections for 2024 from 6.8% to 7%, with the country maintaining the fastest-growing status in emerging markets and developing economies.

Key Points

• The IMF has projected India’s growth rate at 6.5% 2025.
• The Reserve Bank of India, in its latest monetary policy meeting, raised the GDP forecast for the current for 2024-25 to 7.2%from 7%.
• The World Bank revised India’s GDP growth forecast for the current financial year 2024-25 by 20 basis points to 6.6 per cent from its earlier projection of 6.4 per cent made in January.
• Morgan Stanley has forecast 6.8%growth in India in 2024.
• The United Nations raised India’s economic growth projections for 2024 from 6.2% to 6.9%, mainly driven by strong public investment and resilient private consumption.
• Moody’s Ratings expects India to grow at 6.6% in 2024-25.
• Organisation for Economic Co-operation and Development (OECD) projects India to grow 6.6% in the next two years.
• The Asian Development Bank (ADB) had upgraded India’s gross domestic product (GDP) growth forecast for financial year 2024 from 6.7% to 7%.