The International Monetary Fund (IMF), an organization of 190 countries, working to foster global monetary cooperation, has lowered its growth forecast for the country to 9.5 percent for this fiscal from its earlier projection of 12.5 percent in April, which is the same as the Reserve Bank of India (RBI) forecast of 9.5 percent but lower than the World Bank projection of 8.5 percent growth.
In its latest World Economic Outlook (WEO), the IMF said, “Growth prospects in India have been downgraded following the severe second Covid wave during March-May and expected slow recovery from that setback.” The Indian economy had contracted 7.3 percent in the last fiscal on account of the pandemic. The IMF joins a host of global and domestic agencies which have cut India’s growth estimates for the current fiscal.
It is pertinent to note that, S&P Global Ratings last month projected a 9.5 percent GDP growth in the current fiscal and 7.8 percent in 2022-23. Another US-based rating agency Moody's has projected India clocking 9.3 percent growth in the current fiscal ending March 2022.
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