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IMF pegs Indian economic growth at 7 percent in 2019

By Vishal S

New Delhi, July 23: The International Monetary Fund (IMF) has reportedly projected that the Indian Economy would grow at 7 and 7.2 per cent in 2019 and 2020, respectively. As compared to the IMF''s previous projections, this is a downward revision of 0.3 percent for both the years.

IMF's growth revision is in line with the World Bank and RBI, which have also cut India's GDP forecast in the past few weeks.

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IMF pegged its forecast for the global growth at 3.2 per cent in 2019.7.23

"India's economy is set to grow at 7.0 per cent in 2019, picking up to 7.2 per cent in 2020. The downward revision of 0.3 percentage point for both years reflects a weaker-than expected outlook for domestic demand," reports quoted the International Monetary Fund (IMF) as saying in its World Economic Update.

[GDP growth rate is virtually stagnant, worrying signs for economy: Kejriwal]

According to the pre-Budget Economic Survey which was released on July 4, India's economic growth will rebound from a five-year low this year, but would need a huge boost in spending and reforms to accelerate higher rate of expansion to double the economy's size to USD 5 trillion by 2024-25The real gross domestic product (GDP) growth, which slowed to a five-year of 5.8 per cent in the first three months of 2019 -- well below China's 6.4 per cent, is expected to rise to 7 per cent in the fiscal year 2019-20 that started in April, said the survey report.

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According to the Survey, India continued to remain the fastest-growing major economy in the world in 2018-19, despite a slight moderation in its GDP growth from 7.2 per cent in 2017-18 to 6.8 per cent in 2018-19.

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