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April 20, 2022 / 07:55 AM IST

IMF slashes India’s GDP growth forecast to 8.2 percent in 2022-23

The International Monetary Fund has cut India’s economic growth forecast to 8.2 percent for financial year 2022-23 from 9 percent estimated in January. The IMF warned that the Ukraine war would severely set back the global recovery, slow growth and stoke inflation. It also cut India’s 2023-24 growth forecast to 6.9 percent from 7.2 percent estimated earlier.

Why it’s important: Despite the lowered estimate, India is likely to remain the fastest growing major economy. However, high crude oil prices are bound to impact consumer demand and private investment.

Indices fall by 5 percent in five sessions due to heavy selling by FPIs