IMF projects 12.5% growth for India

Washington, April 6

The IMF on Tuesday projected an impressive 12.5% growth rate for India in 2021, stronger than that of China, the only major economy to have a positive growth rate last year during the Covid pandemic.

The Washington-based global financial institution, in its annual World Economic Outlook ahead of the annual Spring meeting with the World Bank, said the Indian economy is expected to grow by 6.9% in 2022.

Notably in 2020, India’s economy contracted by a record 8%, the International Monetary Fund (IMF) said as it projected an impressive 12.5% growth rate for the country in 2021.

China, on the other hand which was the only major economy to have a positive growth rate of 2.3% in 2020, is expected to grow by 8.6% in 2021 and 5.6% in 2022. — PTI