New Delhi: The International Monetary Fund (IMF) cut the estimated Indian growth of up to 9.5 percent for the fiscal year 2021-22 as a 12.5 percent projection made in April, a report released on Tuesday shows.
Because of the emergence of second covid waves during March-May, economic recovery experienced a big setback, the IMF said.
In the latest edition of the World Economic Outlook (WEO), IMF said: “The prospect of growth in India has been reduced after severe second covid waves during March-May and expect slow recovery from the setback.” However, the prospect of India’s growth for FY22 remains higher than all other major economies.
Although cut, Indian GDP is projected to grow at the fastest rate of 9.5 percent among the major economies, followed by China at 8.1 percent and the US at 7 percent.
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