International Monetary Fund’s projection of India’s 8.2% GDP growth is 0.8% lower than its projection in January. In FY24, GDP is projected to grow by 6.9%

The International Monetary Fund (IMF) decreased its global economic prediction for 2022 to 3.6 percent, down from 6.1 percent in 2021, due to the slowing development of the world’s top economies as a result of the Russia-Ukraine conflict. India is expected to grow at an annual rate of 8.2% in 2022, according to the IMF, compared to 3.7 percent in the United States, 4.4 percent in China, and (-8.5 percent) in Russia.

The IMF’s forecast for India’s 8.2% GDP growth is 0.8 percent lower than its January forecast. Meanwhile, India’s GDP is expected to rise by 6.9% in FY24, which is 0.2 percent lower than previously forecasted. India will continue to be the world’s fastest-growing major economy, despite the change.

“Japan (0.9 percentage point) and India (0.8 percentage point) have both had their forecasts downgraded for 2022 reflecting in part weaker domestic demand—as higher oil prices are expected to weigh on private consumption and investment—and a drag from lower net exports,” the IMF’s World Economic Outlook for April 2022 said.