The International Monetary Fund (IMF) on Oct 11 slashed India’s economic growth projection in 2022–23 to 6.8 per cent. Earlier, in July, it had projected a growth of 7.4 per cent for India in the current financial year.
Reasons like contraction in US economy in the first half of 2022, a fall in Euro, lockdowns in China and continued Coronavirus outbreaks, have been listed by IMF for trimming India’s growth projection. In 2021–22, India’s economic growth was 8.7 per cent.
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Pierre-Olivier Gourinchas, Economic Counsellor and IMF Director of Research stated that, “The global economy continues to face steep challenges, shaped by the lingering effects of three powerful forces — the Russian invasion of Ukraine, a cost-of-living crisis caused by persistent and broadening inflation pressures, and the slowdown in China,”.
