IMF cuts India’s GDP growth forecast for FY23 to 8.2%

India’s economy is estimated to grow by 8.2% in the current fiscal year (2022-23), sharply slower than the International Monetary Fund’s (IMF) earlier forecast of 9% as the impact of Russia’s invasion of Ukraine weighs heavily on prices and disruption of supply chains.

IMF has also cut India’s FY24 GDP growth forecast to 6.9 percent. Earlier this was 7.1 percent.

In the case of global economy, IMF has cut the growth forecast for calendar year 2022 to 3.6 percent from 4.4 percent.