Indian Economy Will Grow 509% Faster Than USA: At 6.1% Growth Rate, Indian Economy Will Grow Fastest

India to grow at 6.1% in 2023, world’s fastest among major economies, says the IMF.

The new figure

IMF revised its projection of India’s economic growth in 2022 to 6.1 per cent.

With this, India joins other international agencies that have also cut India’s growth forecast.

The IMF on Tuesday, October 11, revised its projection.

Compared to other economies

It also vouched for international agencies that have also cut India’s growth forecast.

However, despite the revision, India’s growth is making it the fastest among major economies. 

Behind it were China (4.4%), Saudi Arabia (3.7%), and Nigeria (3%).

In comparison, the US is projected to grow at 1% while Russia, Italy, and Germany were forecast to suffer a downfall.

IMF projections

In July, the IMF had said that India would grow at 7.4% in the present fiscal that started in April 2022, which was 0.8% lower than the 8.2% projection in January.

Its growth in the 2021-22 fiscal (April 2021 to March 2022) was pegged at 8.7%.

The IMFs latest forecast came on Tuesday in its annual World Economic Outlook report. 

The report reflected a weaker-than-expected outturn in the second quarter and more subdued external demand.