IMF forecasts India's GDP to grow at 7.5% in 2019-20 fiscal year
9th August, 2018Category:
India's gross domestic product (GDP) is poised to grow by 7.3% in the 2018-19 fiscal and 7.5% in 2019-2020 on strengthening of investment and robust private consumption, the IMF said in its latest projection.
The International Monetary Fund (IMF), in the report published on Tuesday, said the near-term macroeconomic outlook for India is a broadly favourable. Headline inflation is projected to rise to 5.2% in fiscal year 2018/19, as demand conditions tighten, along with the recent depreciation of the rupee and higher oil prices, housing rent allowances and agricultural minimum support prices, it said.
The report recommended that continued fiscal consolidation is needed to lower elevated public debt levels, supported by simplifying and streamlining the GST structure.
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