'India a global bright spot...' PM Modi hails IMF revised forecast of 6.3% growth in FY24

Notably, India's growth outlook surpasses that of China, the world's second-largest economy. Prime Minister Modi vowed to continue to strengthen the journey towards a prosperous India by further boosting the country's reforms trajectory.

In response to the International Monetary Fund's (IMF) updated report, which raised its forecast for India's economic growth in the current fiscal year from 6.1% to 6.3%, Prime Minister Narendra Modi enthusiastically hailed India as a global economic standout. 

He posted on micro-blogging platform X (formerly Twitter), "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."

The IMF, on its part, adjusted India's GDP projection, increasing it by 0.2%, bringing it to 6.3%, while concurrently lowering its worldwide growth forecast to three per cent. 

the IMF's 'World Economic Outlook' noted: "Growth in India is projected to remain strong, at 6.3% in both 2023 and 2024, with an upward revision of 0.2 percentage points for 2023, reflecting stronger-than-expected consumption during April-June."

Notably, India's growth outlook surpasses that of China, the world's second-largest economy.

The Reserve Bank of India has estimated the consumer price index (CPI)-based inflation for the current fiscal year at 5.4%, with GDP growth projected at 6.5%. The IMF noted that these monetary policy projections align with the central bank's inflation target over the medium term. Furthermore, the IMF anticipates that India's current account deficit will remain at 1.8% of GDP in both FY24 and FY25.