IMF projects 6.8% growth, says India navigating 'very difficult' external environment

According to the report, growth is expected to moderate, reflecting the less favorable outlook and tighter financial conditions.

Projecting a growth rate of 6.8% and 6.1% in the current and the next fiscal respectively, the International Monetary Fund (IMF) on December 23, 2022 said that India is navigating a "very difficult" external environment.

Choueiri Nada, the IMF’s India Mission Chief, in her virtual interaction with reporters reiterated that India continues to be the bright spot in an otherwise gloomy global economic scenario.

“We are seeing the economy continue to grow pretty robustly this fiscal year,” Ms. Nada said as the international financial body released the report of its annual consultations with India.

According to the report, growth is expected to moderate, reflecting the less favorable outlook and tighter financial conditions.

Also read: IMF cuts 2023 growth outlook amid colliding global shocks

The real GDP is projected to grow at 6.8% and 6.1% in FY2022/23 and FY2023/24 respectively, said the IMF's report on India.

These projections are much better than they have been projecting earlier, Ms. Nada said.