IMF cuts India’s GDP growth forecast to 6.1% in 2023

‘India’s growth is expected to slow from 6.8 percent in 2022 to 6.1 percent in 2023,’ according to the IMF’s World Economic Outlook report.

The International Monetary Fund (IMF) has predicted that the Indian economy would decelerate next fiscal year, with growth falling to 6.1 percent from 6.8 percent in the current fiscal year on March 31.

“Growth in India is set to decline from 6.8 percent in 2022 to 6.1 percent in 2023 before picking up to 6.8 percent in 2024, with resilient domestic demand despite external headwinds,” said the IMF’s World Economic Outlook update.


“Our growth projections actually for India are unchanged from our October Outlook. We have 6.8 percent growth for this current fiscal year, which runs until March, and then we’re expecting some slowdown to 6.1 percent in fiscal year 2023. And that is largely driven by external factors,” Pierre-Olivier Gourinchas, Chief Economist and Director, Research Department of the IMF told reporters in Washington.

The IMF announced the January update to its World Economic Outlook on Tuesday, predicting that global growth will dip from an expected 3.4 percent in 2022 to 2.9 percent in 2023, then increase to 3.1 percent in 2024.