Indian economy projected to grow at 6.3% in current financial year: IMF
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The International Monetary Fund (IMF), in its Article IV consultation report, which reviews a country's current and medium-term economic outlook, has said that the Indian economy is projected to grow at 6.3 per cent in the current financial year 2023-24 and the next. It said the country's growth is expected to remain strong, supported by macroeconomic and financial stability.
On inflation front, the IMF In its report projected 5.4 per cent for this fiscal year and 4.6 per cent for the next. It said Headline inflation is expected to gradually decline to the target although it remains volatile due to food price shocks. Domestically, weather shocks could reignite inflationary pressures and prompt further food export restrictions.
Further, it said India's current account deficit is expected to improve to 1.8 per cent of GDP in 2023-24 as a result of resilient services exports and, to a lesser extent, lower oil import costs. Current account deficit (CAD) is the difference in value of a country's imports and exports.
