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IMF Slashes India’s GDP Growth to 8.2% for FY 2023

Published on April 20, 2022
Current Context: The International Monetary Fund (IMF) has reduced India’s GDP forecast amid rising fuel prices to 8.2 % for the financial year 2023.
IMF Slashes India’s  GDP Growth to 8.2% for FY 2023
  • Banking on private consumption expenditure, the IMF, in its World Economic Outlook has reduced India’s GDP growth by 0.8% from 9 to 8.2%. The IMF suggests India take up capital expenditure as the way forward. India’s capital expenditure for the year has been announced to the tune of 6 Lakh crore under the National Infrastructure Fund.
  • The IMF calls disruption in the global supply chain and rising fuel prices due to the Ukraine - Russia War the main cause of this projected reduction. India, however, has been able to cross the diplomatic hurdle to import the fuel from Russia, despite global pressure. It shows India’s commitment to her internal needs, justifying the fact that international relations are the external projection of internal needs.
  • The ripples, however, are being felt across sectors as evident from CPI and WPI data which have crossed the threshold.

Question:

Q.1 What is the IMF’s projected GDP growth for India in FY 2023?
a. 8%
b. 8.2%
c. 7.5%
d. 7.8%

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