IMF Raises India’s FY24 Growth Forecast to 6.3%


October 11, 2023

New Delhi, India

IMF Boosts India’s FY24 GDP Forecast to 6.3% on Strong Q1 Data

In a remarkable turn of events, the International Monetary Fund (IMF) has upgraded its growth forecast for the Indian economy for the fiscal year 2023-24 (FY24). The IMF’s revised projection now places India’s GDP growth at 6.3%, signaling a significant uptick in economic prospects.

India’s Economic Momentum Continues as the Nifty Realty Index Soars.

The IMF’s positive outlook comes against the backdrop of India’s remarkable economic 

performance. The Nifty Realty index recently achieved a 10-year high, making headlines in the financial world. This index’s surge reflects a broader trend in the real estate sector, indicating robust growth in the Indian economy.

India Remains the World’s Fastest-Growing Major Economy

The IMF’s latest World Economic Outlook report reveals that India is set to retain its status as the world’s fastest-growing major economy, both in the current year and the upcoming year. This recognition underscores the resilience and potential of India’s economic landscape.

IMF Aligns with India’s Economic Authorities and the World Bank

The IMF’s updated forecast brings it closer to the 6.5% growth estimate put forth by Indian authorities, showing ongoing momentum in India’s economic revival. This marks the second time in three months that the IMF has raised its growth forecast for India, reaffirming a consistently positive trajectory. Notably, the IMF’s outlook is now in sync with the World Bank’s, demonstrating a consensus among major international financial institutions.

Prime Minister Modi’s Reaction

PM Narendra Modi warmly welcomed the IMF’s report, describing India as a global bright spot. “Powered by the strength and skills of our people, India is a global bright spot, a powerhouse of growth and innovation. We will continue to strengthen our journey towards a prosperous India, further boosting our reforms trajectory,” PM Modi said on X.

Bottom Line

In summary, the IMF’s positive revision of India’s growth forecast to 6.3% for FY24 coincides with the surge in the Nifty Realty index, positioning India as a global economic leader. These affirmations from international institutions reflect India’s robust economic prospects and commitment to economic reforms under Prime Minister Modi’s leadership.

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