IMF Upgrades India's Growth Forecast to 7% for 2024

The International Monetary Fund (IMF) has revised its forecast for India's economic growth in 2024, increasing it to 7% from the 6.8% predicted in April. This upward revision reflects better prospects for private consumption, particularly in rural areas. Globally, growth rates are projected to remain steady, while inflation poses increasing risks.

The International Monetary Fund (IMF) has updated its projection for India's economic growth, now expecting an expansion of 7% in 2024, up from the previously predicted 6.8% in April.

The IMF's latest World Economic Outlook update attributes this adjustment to improved prospects for private consumption, especially in rural regions.

Globally, growth is expected to align with former projections, while increasing inflation and policy uncertainties pose risks, indicating potential high interest rates for an extended period.

(With inputs from agencies.)