IMF Projects India’s economic growth forecast for FY22 at 9.5% & FY23 at 8.5%

Current GK ( Master) Growth and development

The International Monetary Fund (IMF) has sharply cut India’s economic growth projection by 300 basis points, from 12.5 percent to 9.5 percent for the financial year 2021-22 (FY22).
The downward revision in the GDP growth rate is due to lack of access to vaccines and possibility of renewed waves of coronavirus.
For FY23 (2022-23), IMF has estimated the gross domestic product (GDP) of India at 8.5 percent, which is 160 basis points higher than its earlier projection of 6.9 percent.
Incase of global economy IMF has projected 6.0 percent growth in 2021 and 4.9 percent in 2022.