India GDP: Indian economy will grow at the fastest pace in 2024 – 2025, IMF increased GDP estimates

India GDP: Indian economy will grow at the fastest pace in 2024 – 2025, IMF increased GDP estimates

India GDP Data: Before the presentation of the interim budget, the International Monetary Fund has estimated that India will grow at the rate of 6.5 percent in 2024. IMF has improved its estimate by 20 basis points. Even in 2025, IMF has estimated that India's GDP could be 6.5 percent. However, this is less than the estimate of 6.7 percent for 2023. Whereas the Government of India's own estimate is that GDP may be 7.3 percent in 2023-24. 

On January 30, 2024, IMF has released the World Economic Outlook Report. According to the report, due to strong domestic demand in 2024 and 2025, India will grow at the rate of 6.5 percent in both the years. IMF has upgraded its estimate by 0.20 basis points. On Monday, January 29, 2024, the Finance Ministry released a report on the Indian economy and said that 2023-24 is the third consecutive year when India's economic growth rate has been more than 7 percent, while the global economy needs to grow even at 3 percent. Have to struggle for.  

IMF Growth Forecast: 2024
🇺🇸USA: 2.1%
🇩🇪Germany: 0.5%
🇫🇷France: 1.0%
🇮🇹Italy: 0.7%
🇪🇸Spain: 1.5%
🇯🇵Japan: 0.9%
🇨🇦Canada: 1.4%
🇨🇳China: 4.6%
🇮🇳India: 6.5%
🇷🇺Russia: 2.6%
🇧🇷Brazil: 1.7%
🇲🇽Mexico: 2.7%
🇸🇦KSA: 2.7%
🇳🇬Nigeria: 3.0%
🇿🇦South Africa: 1.0%https://t.co/wiP1MGMXIT pic.twitter.com/DNmGVlfra6

— IMF (@IMFNews) January 30, 2024

🆕 We forecast 3.1% growth in 2024 and 3.2% in 2025. Many economies continue to show great resilience, but important divergences remain. Read more in the World Economic Outlook Update. https://t.co/f1uMRmMVrs pic.twitter.com/gRMwVesBFE

— IMF (@IMFNews) January 30, 2024

Finance Ministry shared the post 

When IMF increased India's GDP estimate, the Finance Ministry also shared it on social media. The Finance Ministry wrote in its post that India is the fastest growing economic country among the major countries of the world. 

In its World Economic Outlook Update (WEO Update – Jan. 2024), the International Monetary Fund @IMFNews has revised upward India's growth forecast for FY24 to 6.7% (from 6.3%) on account of the robust Q2 GDP outturn:
👉 The IMF has revised upward medium-term ( potential) GDP… https://t.co/6YSde0GM5Y

— Ministry of Finance (@FinMinIndia) January 30, 2024

 

International Monetary Fund said in its estimate that the GDP of Asian countries is estimated to be 5.2 percent in 2024, which is less than that of 2023. GDP in 2023 was 5.4 percent. Whereas global GDP is estimated to be 3.1 percent in 2024. But in 2025 it may be slightly better at 3.2 percent.  

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