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INTERNATIONAL MONETARY FUND RETAINS INDIA GDP GROWTH PROJECTION FOR 2021-22 AT 9.5%

INTERNATIONAL MONETARY FUND RETAINS INDIA GDP GROWTH PROJECTION FOR 2021-22 AT 9.5%

Context:

The International Monetary Fund (IMF) in its latest World Economic Outlook report released on 12th Oct 2021 revealed that the Indian economy will grow by 8.5% in FY23.

Key Highlights of the Report:

  • The International Monetary Fund (IMF) has maintained India's growth forecast for 2021-22 not unchanged at 9.5% but lowered the global growth projection marginally to 5.9% from 6% citing disruptions in advanced economies and worsening pandemic dynamics in low-income developing countries.
  • IMF growth estimates are in line with the Reserve Bank of India's GDP growth target of 9.5% as an independent agency.
  • The key to the policy should be adequate vaccination in all countries and to prevent dangerous viral mutations.
  • China's forecast for growth in 2021 and 2022 decreased by 0.1% to 8.0 and 5.6%, respectively.

International Monetary Fund (IMF):

  • The International Monetary Fund, based in Washington, DC, has 190 countries "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world."
  • It was founded in 1944, it began on December 27, 1945, at the Bretton Woods conference mainly on the ideas of Harry Dexter White and John Maynard Keynes, formally held in 1945 with 29 member states and aimed at restructuring the international monetary system.

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