New Delhi: India’s economy is estimated to grow by 9% in the current fiscal year, a little slower than the estimated international monetary fund (IMF) 9.5% due to the impact of the third covid wave.
The IMF, which released its world economic outlook, raised estimates of Indian GDP growth to 9% for 2022-23 from the previous estimate of 8.5% in October and for 2023-24 estimates the economy grew by 7.1%.
In the calendar year, the IMF said India’s growth was projected by 8.7% by 2022 and 6.6% in 2023.
China is estimated to grow by 8.1% by 2021 and 4.8% in 2022.
India will maintain the tag as a major which grows the fastest global economy.
The IMF forecast for 2021-22 was slightly lower than the growth of 9.2% projected by the National Statistics Office (NSO).
The Reserve Bank of India (RBI) estimates the economy to grow by 9.5% at 2021-22.
The economy has been on the recovery path after the most stringent locking impact in the world, which caused contractions of 7.3%.
The deployment of the Omicron variant has encouraged the country to impose sidewalks, which have injured several economic sectors, especially the intensive contact sector.
But most experts recognize that the third wave impact on the economy will be muted.