IMF projects 6.8% current fiscal growth for India

Current Context: The International Monetary Fund (IMF) forecasted a growth rate of 6.8 percent for the current fiscal year (FY23) and a decline to 6.1 percent for the following fiscal year in its Article IV consultation report on December 23, 2022. (FY24).

• Reduced global collaboration, in the longer term, may further impede trade and raise market volatility, according to the IMF. With foreign exchange intervention limited to resolving chaotic market situations, the exchange rate will continue to serve as a shock absorber.
• The IMF board also recommended that monetary tightening be communicated to balance inflation goals with demand for growth. Banking conditions could deteriorate asset quality, cause stress in the financial system, restrict credit availability, and harm long-term growth as they tighten.
• The IMF's Article IV consultation report also includes an executive board evaluation based on the staff report, a statement from the executive director for the country, and a staff report that offers a national assessment.

Question: 

Q.1 What percent of fiscal growth was projected by the IMF for the current fiscal year (FY 23)?
a. 6.2
b. 6.5
c. 7.0
d. 6.8