India’s economy is recovering and its ability to withstand external shocks has improved. Terming Indian economy a ‘bright spot’ on the global economic landscape, IMF on Wednesday raised its growth forecast for the current fiscal to 7.2 per cent, even as it called for steps to revitalize the investment cycle and accelerate structural reforms in the country.
In an annual report, the IMF forecast that Asia’s third-largest economy would grow by 7.5 percent in the 2015/16 fiscal year that starts on April 1, up from 7.2 percent in the year now ending. However, Prime Minister Narendra Modi’s annual budget, the target growth forecast was up to 8.5 percent in 2015/16 – making India the world’s fastest-growing large economy ahead of China.
The new forecasts have taken into account a revised methodology adopted by India earlier this year for calculating the GDP figures, about which IMF said that the country has “improved the way it measures economic output”.
via Times of India
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