IMF upgrades India’s growth projection to 12.5 percent for FY 2021-22

The International Monetary Fund (IMF) has upgraded India’s growth projection to 12.5 percent for the Financial Year 2021-22. In its latest World Economic Outlook report, the IMF has pegged India’s GDP to grow 1 per cent higher than its previous report published in January this year. The Washington based International Financial Institution has projected a contraction of 8 per cent in the growth in the last fiscal while it has forecasted a growth of 6.9 per cent in the next financial year beginning in 2022. The IMF has also said that inflation will taper down to 4.9 per cent in the current financial year.