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IMF downgrades India’s growth projection to 9.5% for 2021-22

The International Monetary Fund (IMF) on Tuesday slashed its economic growth forecast for India to 9.5 per cent for the fiscal year to March 31, 2022 as the onset of a severe Covid-19 wave cut into recovery momentum. 

The forecast for 2021-22 is lower than the 12.5 per cent growth in GDP that the international organization predicted in April before the second wave hit India. 

However, for 2022-23, IMF projected economic growth of 8.5 per cent, larger than the 6.9 per cent it had projected in April. 

“Growth prospects in India have been downgraded following the severe second COVID wave during March-May and expected slow recovery in confidence from that setback,” IMF said in its latest World Economic Outlook (WEO).

India Tv - International Monetary Fund (IMF) projects 9.5% growth rate for India in 2021 and 8.5% for 2022.
 
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